Facebook’s digital wallet NOVI has finally arrived in the US and Guatemala after 2 years of its first announcement. This is a small rollout and is just a pilot testing before scaling up the operations. Coming to the wallet, it will let users send and receive money instantly and securely without paying any extra fees. As of now, the only cryptocurrency that it supports is Paxos Stablecoin. Facebook is also working with Coinbase to be the custody partner of the platform holding the funds.
More about Facebook’s digital wallet NOVI
The pilot of NOVI is mainly aimed at checking the features and functionality of the platform. It will also see how the platform operates as more and more users use it. The platform will also support Diem that is a Facebook-backed cryptocurrency. It has not yet launched due to the pending SEC approval, but once it does, we can expect to see it in NOVI. The cryptocurrency was formerly known as Libra before it branched off into an independent company.
It also faced a lot of backlash from the public after most of its partners like PayPal, Visa, Mastercard pulled out a few months after launch. But changing the name and still having Facebook’s backing has given the project some relief. If you are wondering what is the USP of Diem, then it is a dollar-backed stable coin.
Benefits of using NOVI
One of the problems with crypto is the fees that exchanges charge when we transfer them. And the volatility means that it is almost impossible to get it at the same price if we sell it once. Novi changes that by allowing users to transfer stable coins with zero fees. The best part is that you can send the money anywhere globally, and there are no charges. Novi claims that it is extremely secure to use, and as it is backed by Facebook, we can trust that statement.
To keep its platform clean, the company has implemented the know your customer policy. This means while making an account; you have to verify it first with your ID. Unless done, a user won’t be able to send or receive any money.
What are your thoughts on Facebook’s digital wallet NOVI? And do you think that it will become a popular platform to send and receive crypto in the US? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.