Facebook’s Novi Wallet is set to launch, but it would not be launching with the Diem stablecoin.
- Novi, Facebook’s digital wallet subsidiary, will be unveiled in the U.S. and Guatemala in a test program that will allow users to start trading the Paxos Dollar (USDP). The crypto exchange Coinbase will provide custody services for the program.
- In reference to a Coinbase blog post, users can buy USDP via Novi, and Novi will deposit the funds with Coinbase.
- In a press release, Facebook stated that it does not mean their support for Diem has changed. They further intend to launch Novi with Diem after they obtain regulatory approval and go live.
- The testing program has already gone live but is being implemented slowly on the Apple App Store and Google Play Store.
Facebook initially unveiled Novi together with Diem in June 2019. At the time, the wallet was targeted to support the then-Libra stablecoin before regulatory backlash adjusted the scope of the project.
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