TL;DR Breakdown
• Facebook start a pilot with the Novi wallet.
• Project to be implemented in the United States and Guatemala.
Facebook start a pilot with its Novi wallet that will allow users to send and receive money instantly and securely. In addition, the operations will be commission-free and will be in association with the Coinbase exchange and the Paxos stablecoin.
Facebook’s digital wallet Novi has decided to launch a pilot project in Guatemala and the United States. After two years of its announcement, it has finally been implemented.
David Marcus, Facebook Financial director, has said this pilot project will test the program’s basic functions. In addition, it will also allow operational testing capabilities about customer service.
Facebook launches Novi wallet
The Novi wallet will launch a project in the United States and Guatemala. For now, it will operate with the stable cryptocurrency Paxos and has put aside its cryptocurrency Diem.
Diem is a cryptocurrency that has not been launched in any country and is still awaiting regulatory approval to operate. David Marcus has said that they only want to demonstrate that stable digital currencies can be used for more secure payments with this important step.
Previously, experts expected this project to be launched with the Diem cryptocurrency, but everyone has been surprised by the news. This change occurred to improve and differentiate the group who is now an independent wallet from Facebook.
When Libra was announced to the market, it received a lot of criticism from some main partners such as Visa, PayPal, eBay, MasterCard, Stripe, and Mercado Pago. Within months of its announcement, these partners said they were withdrawing from the project.
The company recently moved all of its operations to the United States because it wants regulatory approval.
A pilot project to send and receive money quickly
Director David Marcus has commented that Diem has considered launching a digital currency based in the United States and is linked to the dollar. But sadly, this token is not yet approved for this Novi wallet pilot project.
Despite the company’s efforts and the Novi wallet, Diem is far from being a revolutionary cryptocurrency. It still has a long way to go to achieve its goals and become a mainstream cryptocurrency and leader in the crypto market.
But David Marcus has commented that despite the downsizing and reach of Diem, Facebook’s Novi wallet remains committed to the Diem cryptocurrency. He has also said that when everything is ready, it will be released. But at the moment, the exact date of its launch is not known.
To improve the project and succeed more, Novi has launched this project with Paxos stablecoin. It is a revolutionary and safe pilot project that wants to improve digital currency operations and protect users.
