September 16, 2022
Facebook's Novi Digital Wallet Debuts in Small Pilot Test

Facebook Finally Launches its Digital Wallet but Don’t Expect to Use it Anytime Soon

Facebook just recently rolled out its digital wallet called Novi, which features Paxos stable-coin, and not Diem cryptocurrency…

Facebook started the rollout of its Novi digital wallet just the other day. It’s only debuting in the United States and Guatemala, more than two years after it was first announced. And, the program is limited to a small pilot group. It’s designed to allow users to send and receive money “instantly, securely, and with no fees” using the Paxos stable-coin, in partnership with Coinbase.

Facebook’s Novi Digital Wallet Debuts in Small Pilot Test

Although it’s been a long time coming, the biggest surprise isn’t its delayed launch. Instead, the most interesting thing about it is that it doesn’t support the Facebook-backed Diem cryptocurrency that was meant to be the cornerstone of the project. (Formerly called Libra, the cryptocurrency is still facing regulatory approval and has yet to make its debut in any country.)

However, the social network still tentatively plans to launch just a single, US-based stable-coin tied to the dollar, but that’s not part of the Novi test run. Despite this, Facebook insists the company remains committed to Diem and fully intends to introduce it when the cryptocurrency when it does go live.

Owen E. Richason IV

Covers social media, apps, search, and similar news. History buff, movie, and theme park lover. Blessed dad and husband.     

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