Facebook’s Novi Taps Paxos, Coinbase Ahead of Diem Rollout

Facebook’s Novi Taps Paxos, Coinbase Ahead of Diem Rollout

Blockchain Featured Technology
October 19, 2021 by Kofi Ahmed
142
Coinbase will provide custody services, while Paxos is supplying the stablecoin Novi will use.
Facebook’s Novi Taps Paxos, Coinbase Ahead of Diem Rollout

Facebook’s Novi wallet is ready to launch – but it won’t be launching with the Diem (formerly Libra) stablecoin.

Novi, a digital wallet subsidiary to Facebook, will go live in the U.S. and Guatemala in a pilot program, allowing users to start trading the Paxos Dollar (USDP), the social media giant announced Tuesday. Crypto exchange Coinbase will provide custody services for the program.

Users can purchase USDP through Novi, and Novi will deposit the funds with Coinbase, according to a Coinbase blog post.

“This does not mean our support for Diem has changed. We intend to launch Novi with Diem once it receives regulatory approval and goes live,” the Facebook press release said.

The pilot has already gone live, but is being rolled out slowly on the Apple App Store and Google Play Store, Facebook said.

Source: CoinDesk

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