Novi Wallet Partners with Coinbase: is it a Big Step?

Gosh! When will we get our hands on Diem? Surely, it has been a while, but finally, we get to hear something from the Diem Association, Novi wallet from Facebook has partnered with Coinbase, a US exchange, to provide the custody services for Novi wallet.

However, that’s not the only major point given out by the media. I’ll tell you all the following and necessary points that you must know from this small hunch of news.

Novi Wallet logo written on a phone with Facebook logo behind the Novi wallet.

Key Points to Takeaway

Here are some of the significant elements of the Novi Wallet October update.

  • The pilot program for Novi wallet has gone live in the US and Guatemala. You are free to download and use it from Google play store and Apple AppStore if you are in one of the regions.
  • However, there is no major news on the Diem yet.
  • Pilot program users can start trading the Paxos Dollar (USDP) via their Novi accounts.
  • All the Paxos Dollar (USDP) will be held in Coinbase custody. If you are a user, you can transfer the USDP instantly, securely, and free of cost.

What’s Happening on the Diem Part?

It was 2019 when Facebook shocked us with the news of digital wallet and stablecoin, their next big project in the crypto world. Initially, the stablecoin was called “Libra.”

At present, they have given out the digital wallet, but what about the Stablecoin?

About two years back, Libra Association pointed out that they are going after “The Libra Reserve,” a collection of low-volatile assets from reputable banks.

And VOILA! Soon after this news, we came to know that Libra Association had lost 8 founding members, including PayPal, eBay, and MasterCard. It was the right time when they chose to go with a different name, “Diem.”

As the Diem came on the radar, Facebook’s strategies also shifted and decided to peg the Diem with the US Dollar, similar to USD Coin or Tether — 2 years passed further, and still, we are not near the launch.

Although in the recent launch of the Pilot program, Diem got away with the attention of Novi wallet, but a press release from Facebook pointed out they are not abandoning the “Diem.“

Instead, they intend to shift Novi to the Diem payment network once it receives regulatory approval.

However, the big question that leaves us nowhere is either anyone interested in Diem anymore? Let us know what do you think in the comment section below.

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