Facebook announces in a press release the launch of a pilot version of Novi, its cryptocurrency wallet which will eventually host a stablecoin named Diem, designed by the social network. At first, however, there was no question of saying “Carpe Diem” (we agree, this pun was a bit easy…). Faced with an international outcry, Facebook persists, but adopts a more cautious posture.
For this pilot version, Facebook is joining forces with the Coinbase exchange platform. Instead of Diem, transactions made through the Novi system will use a stablecoin that has been around for several years, the USDP or Pax Dollar. Ultimately, however, the exchanges made via the Novi wallet will only go through the cryptocurrency Diem.
Facebook relaunches crypto project thanks to support from Coinbase
Facebook explains: “Our support for Diem has not changed. We believe that the way Diem is designed with robust protections for consumers and controls to combat financial crime is valuable. We intend to migrate Novi to the Diem payment network when the latter has received the green light from the authorities ”.
Specifically, people residing in most of the United States (except Alaska, Nevada, New York and the US Virgin Islands) as well as in Guatemala can download the Novi application from the Google Play Store or the App. Store. Facebook points out, however, that during this phase, the number of places will be limited and therefore not everyone will be able to use the Novi wallet.
You must then register – for this an official ID must be verified. Users can then charge their account with a payment card. To send money internationally and at no cost, the recipient must also be registered on Novi. It is not possible to transfer money to other accounts, even if the wallet is on the Pax Dollar blockchain.
Your recipient is in your Facebook contacts. All you have to do is enter the amount, add a message if necessary and then validate the transaction. As Pax Dollars is a stablecoin, 1 USDP = 1 $. The money can be kept without limit in the Novi wallet or be withdrawn, either in the form of a bank transfer or in the form of cash to be collected in partner brands.
Unlike other cryptocurrencies, customer service is available 24/7 via chat. Facebook adds: “We know that privacy is top of mind for Novi users, which is why we make it a priority too. We put user security and privacy first by encrypting sensitive financial information. We have protections against fraud in place and an entire team is dedicated to this. If we determine that a transaction was not authorized, we will refund it in full to the person’s Novi account ”.
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The social network also underlines a very important point: “Novi and Facebook accounts are separate”. What do you think of this first experiment and this merger with Coinbase? Share your opinion in the comments.
I am a technology author with 8 years of experience in journalism. My writing covers the latest technology advancements and trends, drawing on my expertise in news journalism and social media platforms. I have contributed to major media outlets such as The New York Times, The Wall Street Journal, and Reuters.
