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  5. Facebook Cryptocurrency Wallet Novi Launches But Without The Diem

Facebook Cryptocurrency Wallet Novi Launches But Without The Diem

Following Months Of Anticipation, Facebook Has Finally Unveiled Novi, Its Digital Currency Wallet

Facebook has started a long-awaited test of its digital currency wallet Novi in the United States. Still, it will use the Paxos Dollar stablecoin instead of its own cryptocurrency Diem, which failed to get regulatory approval.

Facebook Novi wallet cryptocurrency

According to David Marcus, Head of Facebook’s Novi wallet, users may download the app on iPhones or Android devices and register with a government-issued ID. Additionally, money transfers between wallets would be free. Novi will be held in custody by Coinbase, a cryptocurrency exchange based in the United States.

What is new with Facebooks Diem… watch the video and read more

Since starting development on its Libra blockchain-based payment system in 2019, Facebook has tested Novi, formerly known as Calibra. In conjunction with Coinbase, Facebook began rolling out the service in a restricted worldwide capacity last week.

According to Facebook’s payments director David Marcus, the initial deployment of the new digital wallet app is intended to evaluate essential feature functionalities and our operational skills in customer service and compliance.

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Guatemala will be the focus of the pilot.

The Novi wallet will be available to a select group of users in the United States and Guatemala during its pilot period. And will concentrate mostly on the remittances business between the two countries. This is a market segment with restricted access to financial services. For example, 56% of this group does not have access to banking or financial services.

“Money transferred from family and friends overseas provides more than 14% of GDP, and 90% of those remittances originate from the [United States],” Marcus said in a Twitter thread, underlining the remittances market’s vast potential.

Diem is currently unsupported.

In the beginning, the Novi wallet will use the Paxos Dollar (USDP) stablecoin from the Paxos blockchain instead of its native Diem stablecoin.

Marcus stated in a news statement that this would only be temporary until Diem received regulatory permission. He did stress that the team remains optimistic about Diem and its potential benefits to the global digital payment’s environment.

He also confirmed that in future Novi versions would provide free person-to-person payments. These fee-free transactions will set the services apart from competitors like PayPal.

NOVI integrates Facebook’s services.

Facebook has stated that the privacy and security of user information will be of the highest importance to them. Novi will encrypt any financial information it stores. The software also features built-in fraud defenses, and a dedicated crew will keep an eye on any questionable activity. Novi will issue a full refund if they discover an unlawful transaction on the platform. In addition, a Novi Customer Care staff will be available through in-app chat in English and Spanish 24 hours a day, 7 days a week.

How can I Use Novi digital wallet?

As previously stated, Facebook is testing its digital wallet Novi in certain the United States and Guatemala areas. Those with access to Novi will be able to use a debit card to fund their accounts. They may then transfer funds from their Novi account to a contact who also has one. The money can be withdrawn in the recipient’s currency. They can get cash from a local location or have the money sent to their bank account. According to Facebook, these options may differ by country.

Facebook would not charge users for money transactions through Novi, as David has promised. Instead, the startup intends to generate money by selling merchant payment services through the app. Payments between individuals will continue to be free.

Legislators are already urging Facebook to put Novi on hold.

The senators wrote, “We encourage you to immediately end the Novi pilot and commit to not bringing Diem to market.” It’ll be fascinating to watch how Facebook handles the situation.

What are your thoughts on Facebooks new wallet, Novi and the point that the Novi wallet will not use the Diem? Comment below, lets start a conversation! Don’ forget to share this story, it goes a long way in helping me to continue to provide quality content!

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