After two years of rumors and breathtaking news, Meta has finally announced the launch of Novi in the US and Guatemala. Yes, a digital wallet.
It has been exactly two years to the announcement that it will be available. Finally, the wait is over; now that Novi is available in US and Guatemala. However, it is launched on a small scale on a trial basis. It will be made available on a larger scale once its trial period reaches success.
Important to know:
Although the Novi Wallet is now officially there, this does not mean that the Diem Currency is here! If someone is offering to buy Diem at this point (Nov 2021) it’s a scam.
The only currency you can trade is the Stablecoin USDP (formerly known as Paxos).
Here are Some Key Factors from the Novi launch in the US and Guatemala.
- Novi is backed up by consumer protection and essential regulatory control to avoid fraud and other potential pitfalls. Novi makes sure of the security of its users. Each customer at Novi gets verified with a government ID before signing up.
- Novi is available in US and Guatemala for the test launch only. The primary function of the test is to observe the functionality of Novi and if any improvement should be made that can provide ease to users.
- Facebook financial head David Marcus has said that for the test lunch, users are allowed to receive and send money through USDP stablecoin, which is operated by Paxos. Novi users can deposit dollars, convert them to USDP, and withdraw the cash in their local currency.
- For its test launch, Novi will be using a formerly established currency that is Pax Dollar, which is supported by Paxos. Paxos is a financial service-providing company that is New York-based. It is used for protection purposes and to build the trust of their customers by protecting their funds.
- Although the announcement did not give any hint of when the Diem (formerly Libra) will be live again. It is a formerly introduced currency by Facebook. Diem faced major criticism after its launch and, until now, is facing regulatory approval.
- Now that Novi is available in the US and Guatemala, the users of both states can enjoy a free transfer from person to person and profit from commercial relationships.
- For the ease of users, the digital wallet will be made available as a mobile app on both Google Play and Apple’s App Store. However, there are a few exceptions. For now, the mobile app of Novi is not available for the residents of some countries that include; US Virginia Island, Nevada, New York, and Alaska.
Previously Novi Wallet partnered with Coinbase, which also gave us some important insights from who Novi would work, don’t forget to read that.
I hope this helps to start your journey with the Novi. If you want to keep updated with Diem, make sure to subscribe to the monthly newsletter.