thecryptobasic.com
Facebook has selected CoinBase as a custodian partner to pilot its Novi digital wallet. The largest American bitcoin exchange announced in their blog.
As part of the pilot, CoinBase’s custodian arm will keep Novi users’ funds safe with its cold storage and private key management service.
Test participants will be able to purchase through their account in the Paxos Dollar (USDP) crypto wallet and use the Stablecoin for transfers between themselves.
User funds will be held by the CoinBase Custody trust and will be covered by the insurance program for a total of $320 million the company noted.
The head of the payment division of Facebook, David Marcus, said that the “small pilot” will take place in two countries – the United States and Guatemala.
During the project, users will be able to “send and receive money instantly, securely and without commission,” he added.
“We will test the core functionality and our operational capabilities for customer service and compliance. We also hope that this will demonstrate a new use case for Stablecoin as a payment instrument, ” explained Markus.
Remittances are a critical way to achieve financial inclusion. Today, we’re rolling out a small pilot of the @Novi digital wallet app in two countries — the US and Guatemala. People can send and receive money instantly, securely, and with no fees. 1/8
— David Marcus (@davidmarcus) October 19, 2021
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According to Markus, Facebook has not abandoned its support for its digital coin Diem. The Stablecoin will be launched as soon as it is approved by the regulators.
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