Facebook starts pilot to test its Novi digital wallet in the US and Guatemala – DiarioBitcoin

Facebook starts pilot to test its Novi digital wallet in the US and Guatemala - DiarioBitcoin

Facebook starts pilot to test its Novi digital wallet in the US and Guatemala - DiarioBitcoin By Daily EditorBitcoin

In a Twitter thread, the co-creator of Diem from Facebook announced the tests of its Novi wallet, but not with the stablecoin Diem, but with the Pax Dollar from Paxos. Partnered with Coinbase for the project.


The social media giant Facebook started a pilot to test his digital wallet I did not see in the United States and Guatemala. This was reported by David Marcus, co-creator of Diem and leader of Facebook Financial, FBpay and area Fintech of the company through a long thread of Twitter which starts like this:

Remittances are a fundamental way to achieve financial inclusion. Today, we are launching a small pilot of the Novi digital wallet app in two countries: the US and Guatemala. People can send and receive money instantly, safely and without fees. 1/8

On the social network, Marcus adds: “We are conducting a pilot project to test core functions and our operational capabilities in customer service and compliance. We also hope this demonstrates a new use case for stablecoins (as a payment instrument) beyond how they are commonly used today. ”

Explain that the remittance corridor between the two selected countries is important. “In Guatemala, 56% of people lack access to financial services, despite the fact that almost 100% have mobile phones. The money sent by relatives and friends abroad contributes more than 14% of the GDP and 90% of those remittances come from the United States ”.

Pilot of I did not see with Paxos and Coinbase

Marcus reported that Novi’s pilot “Uses USDP (Pax Dollar) through partnerships with Paxos and Coinbase.” Said “USDP is a well-designed stablecoin that has been operating successfully for more than three years and has important regulatory and consumer protection attributes.”

He clarified that this pilot does not mean that they have forgotten their initial project: that of their own stable digital currency (which was first called Libra and later Diem):

I want to make it clear that our support for Diem has not changed and we intend to launch Novi with Diem once it receives regulatory approval and goes live. We care about interoperability and we want to get it right.

In addition, he noted: “Beyond the pilot, our business model is clear. We are a challenger in payments. We will offer free person-to-person payments using Novi. Once we have a solid customer base, we will offer cheaper commercial payments and we will benefit from commercial services. “

Pilot to learn

Likewise, Marcus wanted to make it clear that it is a process and they go little by little:

Climbing Novi will take time and this pilot is a great opportunity for us to learn from our first clients. We want to make sure that our wallet has been fully tested before opening Novi to more people.

Finally conclude with one last tweet inviting you to review Novi’s website. “We have the opportunity to help change the game for so many people who have been left behind by the current financial system. I think we should seize that opportunity and I am looking forward to starting the journey. More information in http://novi.com“.

It is worth remembering that from its initial announcement, the journey of Facebook in terms of its own currency and wallet, it has faced regulatory hurdles around the world. For over a year, your first coin proposal, Libra, had enormous rejection among legislators from many countries, then, in December 2020, the project was renamed and renamed Diem. After that, he has been walking more cautiously. In April it announced its intention to launch the pilot of stablecoin Diem this same year.

See also  This app makes it easy to schedule bitcoin payments in Lightning

Source: Twitter, file

Report of DailyBitcoin

Picture of Unsplash

Leave a Comment

Your email address will not be published.