Today, Coinbase shared that it would provide crypto custody services for the pilot program of Novi, Facebook’s new digital wallet subsidiary.
The pilot already went live in the U.S. and Guatemala. You can find it on the Google Play and Apple App stores. While there’s no mention of Diem—Facebook’s long-anticipated cryptocurrency—pilot users will be able to start trading the Paxos Dollar (USDP) through their Novi accounts.
Paxos also wrote a blog post about today’s pilot, saying: “This news represents a tide shift in digital assets, as it’s the first time that stablecoins are readily available in a consumer wallet outside of the crypto ecosystem.”
All Paxos Dollars purchased on Novi are held on deposit through Coinbase Custody. Users can then send money around the world instantly, securely, and with no fees.
What’s happening with Diem?
In 2019 Facebook first announced it would be branching out into crypto services with a digital wallet and a stablecoin called
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