• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Wednesday, May 21, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

Facebook announces ‘small pilot’ to test Novi

by Baisakhi Mishra
October 20, 2021
in Crypto, News
Reading Time: 2 mins read
0
Facebook announces ‘small pilot’ to test Novi

Image Source: Pocket now

TwitterWhatsappLinkedin

Facebook is finally putting Novi, the digital wallet it has teased for over two years, to the test. David Marcus, Facebook’s head of payments, revealed that the firm is conducting “a modest pilot” of Novi in the United States and Guatemala, intending to allow family members to send remittances across borders.

You might also like

Everything You Need To Know About The Trump’s Tariff War

“Vijay Calling Vijay?”: Paytm Founder Impersonated by Scammer on WhatsApp

Google Unveils Android XR Glasses with Gemini AI

Facebook announces ‘small pilot’ to test Novi
Image Source: Pocket now

“We’re running a pilot to test essential feature functions as well as our customer service and compliance operational skills,” Marcus stated. “We’re also hoping that this will demonstrate a new stablecoin use case (as a payment instrument) that isn’t currently being demonstrated.”

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. 1/8

— David Marcus (@davidmarcus) October 19, 2021

Novi’s introduction, even if in a restricted capacity, appears to be a huge step forward for Facebook’s long-struggling crypto plans. However, the wallet will not include Diem, the company’s planned cryptocurrency (formerly known as Libra), which has been met with widespread opposition from lawmakers and regulators throughout the world.

Instead, the Pax Dollar (USDP), a stablecoin that Marcus claims has “been functioning successfully for over three years and has essential regulatory and consumer protection qualities,” would be used in the inaugural experiment. During the experiment, Facebook worked with Coinbase, he noted.

The pilot’s announcement has already drawn additional criticism from politicians. A group of five Democratic senators wrote to Facebook on Tuesday, hours after Marcus’ first revelation, requesting that the company “immediately terminate the Novi pilot and commit that you will not bring Diem to market.” The letter referenced recent Facebook whistleblower revelations as well as the company’s “relentless pursuit of riches at the expense of its users.”

“Given the magnitude of your company’s scandals, we write to express our vehement objection to Facebook’s resurrected endeavor to establish a cryptocurrency and digital wallet, now dubbed ‘Diem’ and ‘Novi,’ respectively,” the senators said. “Facebook cannot be trusted to operate a payment system or digital currency since its current ability to manage risks and keep users secure has been shown to be completely ineffective.”

“We look forward to responding to the Committee’s letter,” a Novi representative said but didn’t elaborate. Marcus stated in his original announcement that the company is still dedicated to launching Diem. “I want to make clear that our support for Diem hasn’t altered,” he added, “and we plan to launch Novi with Diem whenever it receives regulatory approval and goes live”.

If you find this article informative then do share it with your friends and family!

Also read: Facebook’s Novi taps Paxos and Coinbase ahead of its Diem launch

Tags: #noviDavid Marcusfacebook
Tweet54SendShare15
Previous Post

FCC wishes to roll out new rules to address spam texts

Next Post

Senators urge Facebook to scrap the Novi cryptocurrency project

Baisakhi Mishra

Recommended For You

Everything You Need To Know About The Trump’s Tariff War

by Thomas Babychan
May 21, 2025
0
Trump

The return of Donald Trump to the global political stage has been accompanied by renewed trade tensions, particularly in the form of broad and hastily implemented tariff policies....

Read more

“Vijay Calling Vijay?”: Paytm Founder Impersonated by Scammer on WhatsApp

by Ishaan Negi
May 21, 2025
0
Paytm CEO Vijay Shekhar Sharma Proposes IIT Delhi and DTU’s Expertise to Clean Yamuna

In one of the most ironic twists in the world of online scams, Vijay Shekhar Sharma, the founder and CEO of Paytm, found himself staring at a WhatsApp...

Read more

Google Unveils Android XR Glasses with Gemini AI

by Anochie Esther
May 21, 2025
0
Android XR Glasses

At its much-anticipated 2025 I/O Developer Conference, Google pulled the curtain back on a futuristic product that could redefine how we interact with technology on the move: the...

Read more
Next Post
Senators urge Facebook to scrap the Novi cryptocurrency project

Senators urge Facebook to scrap the Novi cryptocurrency project

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?