THELOGICALINDIAN - The pilot affairs is targeted at USGuatemala remittances
Facebook has launched its Novi wallet in a bound pilot program, according to a press release appear today.
Pilot Will Focus on Guatemala
In its pilot stage, the Novi wallet app will be accessible to baddest barter in Guatemala and the United States.
David Marcus, who active Novi, acclaimed that the pilot will serve the U.S.-Guatemala remittances corridor, a bazaar in which 56% of bodies do not accept admission to cyberbanking and banking services.
“Money beatific from ancestors & accompany away contributes added than 14% of GDP and 90% of those remittances appear from the [United States],” Marcus acclaimed in a Twitter thread today, emphasizing the affluent abeyant of that remittances market.
Diem Not Yet Supported
The Novi wallet will not initially abutment the project’s built-in Diem stablecoin. Instead, it will abutment the Paxos Dollar (USDP). Marcus acclaimed that Paxos is a trusted and broadly accurate stablecoin with three years of operation, which will acquiesce Novi to be interoperable with added cryptocurrency wallets that abutment USDP.
Marcus acclaimed that the activity still intends to barrage Novi with Diem already the bread assets authoritative approval.
He additionally reaffirmed that approaching versions of Novi will action chargeless person-to-person payments. Those feeless affairs will analyze the casework from competitors such as PayPal.
Other Novi Developments
Leading crypto barter Coinbase announced today that it will serve Novi in a careful role, autumn funds on account of the wallet and its users. The aggregation will accommodate algid accumulator as able-bodied as $320 actor in allowance adjoin bent attacks.
Meanwhile, assembly accept attempted to block the launch, as the U.S. Senate wrote an accessible letter to Facebook opposing the plan.
Despite Novi’s bound launch, today’s account is a footfall advanced to the project, which has been met with several roadblocks in the past.
Users can download the wallet app for adaptable accessories via the Google Play and Apple iOS stores.
Disclaimer: At the time of autograph this columnist captivated beneath than $75 of Bitcoin, Ethereum, and altcoins.
