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Facebook's Novi wallet is starting the pilot phase with Coinbase



Facebook is starting the pilot phase of its in-house crypto wallet Novi. There is support from Coinbase. But the crypto community, in particular, does not seem to like this.

Facebook should be the epitome of centrality on the Internet. After all, many social interactions in the online world take place via WhatsApp, Instagram or Facebook. Nevertheless, the company has also been present in the crypto sector since 2019 at the latest with the announcement of its own cryptocurrency, which is known to primarily stand for decentralization and anonymity.

For years, Facebook has been working on its own cryptocurrency, which was originally supposed to come onto the market with the name "Libra". The project is now running under the name "Diem". Due to regulatory ambiguities, however, the company would like to wait until it brings its own cryptocurrency onto the market.

Originally, the cryptocurrency should have appeared together with the Novi wallet. But they are ready to take the step with the publication of the Novi wallet earlier if need be, so Facebook a few months ago. Now, this seems to be the case.

David Marcus, CFO of Facebook and primarily responsible for the company's blockchain projects, has now explained via Twitter that the Novi wallet will be rolled out as part of an initial pilot phase in the USA and Guatemala. However, one is still anxious to realize the final market launch of the Novi wallet in combination with "Diem".

Novi wallet from Facebook for stablecoins

The company's own cryptocurrency is a stablecoin. The Novi wallet is specially designed for such stablecoins. So far, stablecoins have been used more for the transfer between crypto exchanges or to secure and transfer fiat money in crypto form without volatility. Facebook hopes to research further use cases through the pilot phase. "We also hope this will demonstrate a new stablecoin use case (as a payment instrument) that goes beyond what is common today," said Marcus on Twitter.

The stablecoin Pax Dollar (USDP) is used for this - after all, it ranks 100th among the most valuable cryptocurrencies in the world. In addition, Facebook is entering into a partnership with Coinbase for the project. The crypto exchange will be responsible for protecting the funds.

Do people trust Facebook's crypto plans?

The reactions of users to the message from Facebook are mixed. While the crypto community usually celebrates the advance of large companies, things are different with Facebook. This shows again that the point of trust is an important part of the crypto scene.

Facebook is regularly targeted by data protection authorities in many countries. Although Facebook, with its three applications, Facebook, Instagram, and WhatsApp, each has well over a billion users, there seems to be a great deal of distrust in the company. Just a few weeks ago, Facebook struggled with a downtime of six hours.

Marcus himself had asked for a fair chance months ago in an interview with Bloomberg. “We have the opportunity to change the game for so many people left behind by the current financial system. I think we should take this opportunity and I look forward to making the trip, ”concluded Marcus.

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