Facebook is launching its Novi digital wallet as part of a pilot program in Guatemala and the United States, according to a company announcement on Tuesday, October 19.
The long-awaited digital wallet allows people to send and receive money abroad instantly, securely and at no cost, according to the social media giant.
As part of the pilot program – which aims to confirm the operational readiness of the social network, as well as testing to ensure that its customer response, compliance and core functionality are working properly – the social media network is partnering with Paxos and Coinbase.
See Also: Facebook Ties Novi Launch to Diem, May Include NFT Features
In August, Facebook announced that its Novi digital wallet would launch alongside the launch of the Diem digital coin, as reported by PYMNTS.
Tuesday, David Marcus, the Facebook manager of Novi, said in the announcement that “our support for Diem has not changed.” Additionally, Marcus said Facebook plans to switch Novi to the Diem payments network once regulatory approvals are received.
âNovi’s goal has been and always will be to be interoperable with other digital wallets, and we believe that a blockchain specifically designed for payments, like Diem, is essential in providing solutions to the problems people face. with the current payment system, âMarcus said.
Facebook has partnered with Paxos so the social media giant can test its systems with a stablecoin that has been running for more than three years, has regulatory oversight and is fully backed by the US dollar, according to the announcement.
A limited number of users can install Novi through Google Play and Apple App Store. Others could be placed on a waiting list, the company said.
Related News: Two Facebook Crypto Engineers Leave Ship for Andreessen Horowitz
Facebook has faced its share of challenges throughout the development process of the Novi digital wallet. Last week, two crypto engineers who had worked at Novi for two years resigned their positions to start working with cryptocurrency staff at venture capital firm Andreessen Horowitz, as reported by PYMNTS.