Facebook launches crypto wallet2021-10-19 17:18 by Daniela
Tags: Facebook, Novi, Diem
Facebook launched its new digital wallet for cryptocurrencies called Novi Tuesday, and it hired Coinbase to help with the logistics. In an announcement out early Tuesday, Coinbase said it would be storing the cryptocurrencies that Facebook will offer to users who sign up for the early test version of the Novi wallet.
Most notably, though, is the fact that Novi is launching without its biggest feature: the Facebook-backed Diem cryptocurrency that was meant to be the cornerstone of the project. Diem was formerly known as Libra, before the name was changed in an effort to distance the now-independent group from Facebook, which initially started it. But Diem is still facing regulatory approval and has yet to launch its cryptocurrency in any country. Instead, the wallet utilising the USDP (Pax Dollar) through partnerships with Paxos and Coinbase.
Coinbase Custody keeps user funds secure using the company's "proprietary, fully segregated cold storage capability for managing private keys." As of June 30, Coinbase Custody securely managed $180 billion of crypto assets on its platform. In addition to accessing the digital wallet, Novi users are eligible for Coinbase Custody's insurance program, which includes a $320 million commercial crime policy, and 24/7 assistance from an in-app customer care team.
The free digital wallet is now available for download as a mobile app, promising zero fees when you send or receive money internationally.
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