Facebook is considered to be the biggest tech giant of recent times. The company has been hoping to branch out into the cryptocurrency field for a long time. The first-ever interest in FB management was reflected in a new digital asset project called the Libra token. Now, Facebook has decided to launch the first look of its novel digital wallet service called Novi.

In the initial stages, this wallet is only available to consumers in the United States and Guatemala. Guatemala is a Central American country. The main cause of this small-scale launch is to test out the main features and smooth out any possible lags in service and operations. Facebook has also recovered from a recent crash period where many of its biggest projects like WhatsApp, Instagram, and Facebook experienced hours of downtime.

Novi Wallet will Make Financial Transactions Easier for Global Audience

The first-ever cryptocurrency project undertaken by Facebook, namely Libra, ended in a disaster; as soon as the social media company announced the project, all major services providers like MasterCard, VISA, eBay, Mercado Pago, and PayPal distant themselves from the said project. However, Facebook has gone on to rebrand its dream project under the name of Diem.

A new media briefing by CNBC claimed that the new stablecoin called Diem is going to be pegged with one dollar each. David Marcus from F2 or Fb Financials recently tweeted that the newly launched Novi wallet under its pilot launch is going to test the different service factors like remittance, customer support, and other operational features. He also claimed that this app is going to allow people to send and receive money without having to worry about the transactions fees.

The new and edited versions of Facebook’s cryptocurrency branch outs are looking very different from where they started. The tech giant has had a bumpy start in the digital asset market. The Novi wallet has also made a great leap from its original design by getting introduced without the Diem token. This major change has been made to ensure a safer foray for the largest social media network in the world.

The Novi wallet is backed by Coinbase. Coinbase will be providing digital support and custodial backup for the said digital wallet project. Meanwhile, the Diem project is also under the development phases with a renewed scope for its launch. This new project has also gone on to become a separate entity from Facebook to ensure that the regulatory scrutiny for Libra is not reapplied on this stablecoin.