Facebook finally launched its new digital wallet for cryptocurrencies called Novi and it partnered with Paxos and Coinbase to help with the logistics.
The pilot program allows facebook users send and receive money “instantly, securely, and with no fees” using the Paxos stablecoin, in partnership with Coinbase (which will be serving as the custody partner that holds the actual funds for the pilot).
According to Facebook’s David Marcus, the head of F2 (Facebook Financial), the pilot is meant to “test core feature functions, and operational capabilities in customer care and compliance,” in addition to trying to demonstrate a viable use of stablecoins for payments.
Facebook Launches New Digital Wallet Novi
Remittances are a critical way to achieve financial inclusion. Today, we’re rolling out a small pilot of the @Novi digital wallet app in two countries — the US and Guatemala. People can send and receive money instantly, securely, and with no fees.
The company said that a limited number of users can install Novi via the Google Play and Apple App Store.
Users can send money anywhere in the world seamlessly with no fees. The new development will serve as an open door for other social media outlets to integrate digital technology.