Tag: Novi wallet

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Novi Launch in the US and Guatemala | Amazing things are getting real

Novi written with white alphabets on a purple shade

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.

Novi written in white letters on purple background.
Novi is now Available in US and Guatemala on Trial basis.

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.

Final Words

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.

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

Cellphone with Novi Stablecoin Wallet on Coinbase Account

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.