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04.11 - 03:05
Facebook pilots Novi crypto wallet with Coinbase, Paxos
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Social media giant Facebook has tapped Coinbase and Paxos for its forthcoming Novi digital wallet project, which kicked off its pilot testing phase in the United States and Guatemala on Tuesday.
Beginning Oct. 19, a small cohort of users in both countries will be able to download the Novi digital wallet app on iPhone or Android devices and add money to their accounts with a debit card. From there, they will be able to send and receive money using Pax Dollar (USDP), a dollar-backed stablecoin issued by blockchain trust company Paxos.
Facebook selected USDP in its pilot program because of its proven track record and “important regulatory and consumer protection attributes.” Because USDP reserves are fully backed by cash, Novi users will have
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