Facebook has Finally Launched Novi Wallet for US Customers

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.

Leave a Reply

Your email address will not be published.


GBP to USD Prediction – Bulls Target $1.2450 Amid Weak U.S Jobs Report

It is somewhat of a GBP-USD day. The market does not have the United Kingdom’s economy to ponder today. Meanwhile, the attention has remained on the Federal Reserve following GBP-USD’s Thursday $1.23 return. The currency has never explored the value since June. Though hawkish bets place the sterling at the $1.25 mark into 2023, massive […]

Britain’s Chancellor Defers Tough Decisions to The Next Administration

The new British government is characterized by its severance to caution when it comes to its economic administration and its readiness to devote itself to performing just causes, regardless of the financial toll on the political sector.  As its precursor, Liz Truss, in September, decided to divide Britain’s economic organization, and the event exposed enormous […]

Genesis Halts Withdrawals Amid a Collapse of The Digital Currency Market

Genesis Global Capital has stopped processing withdrawals, confirming this week’s rumors. This is the most current lending program to file for bankruptcy. In 2022, Celsius Network, Voyager Digital, and other companies did so. At the moment, Derar Islim is Genesis’ acting CEO. Islim told Investors that the firm is looking at its options and seeking […]

Nayib Bukele Pledges To Buy 1 BTC Daily for El Salvador

The President of Els Salvador has pledged to start buying at least 1 BTC daily. This news emerged months after El Salvador is said to have completed its final BTC acquisition, 80 BTC at quite a cost of $19k each, in July this year. Previous Buy History of El Salvador  As per information from Buy BTC […]

Indonesia’s Central Bank Raises Rates By 50 Bps

In light of a robust economy and “high” inflation expectations, the Bank of Indonesia said on Thursday that it would act more firmly. As a result, the bank has increased the benchmark interest rate for the third consecutive month. A Global Economic Slowdown Bank of Indonesia was expected to increase the 7-day reverse repo rate […]