fbpx

Facebook announced in today’s company news that it will be launching the Novi digital wallet as part of a pilot program in Guatemala and the US.

According to Facebook, the long-awaited digital wallet allows individuals to receive and send money abroad securely, promptly, and at no cost.

Part of the pilot program’s focus is validating the social network’s functional readiness. In addition, the pilot program tests that its customer response, core, and compliance functions are working correctly. The social media network is teaming up with Paxos and Coinbase.

In August, PYMNTS reported that Facebook’s Novi digital wallet would launch along with the start of the Diem digital coin.

On Tuesday, David Marcus, Facebook’s man in charge of Novi, announced that “our support for Diem has not changed.” Also, Marcus said that Facebook intends to shift Novi to the Diem payment network after regulatory approvals are received.

“The goal for Novi has and always will be to work with other digital wallets. We believe a purpose-built blockchain for payments, like Diem, is critical to delivering solutions to the problems that people experience with the current payment system.”

According to the statement, Facebook teamed up with Paxos to ensure that the social media giant could examine its systems with a stablecoin running for at least three years, is fully backed by the US dollar, and has regulatory control.

A sparse number of users can set up Novi through the Apple App Store and Google Play. As reported by the company, others might be put on a waitlist.

Facebook has encountered its share of obstacles throughout the process of creating the Novi digital wallet. Just last week, PYMNTS reported that two crypto engineers working on Novi stepped down from their positions to work with the crypto team at the venture capital firm Andreessen Horowitz.

Disclaimer: Information found on Blue Edge Crypto is those of writers quoted. It does not represent the opinions of Blue Edge Crypto on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.