Coinbase To Power Social Giant Facebook’s New Novi Crypto Wallet
Things continue to turn positive for the crypto industry and its poster child platform, Coinbase. The custody arm of the San Francisco cryptocurrency exchange that caters to retail and institutions alike, was selected by Facebook to power the company’s new Novi app, according to a blog post. Facebook is running a pilot program of Novi […]
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Five U.S. Senate Democrats have called for Facebook to discontinue its crypto projects. The senators addressed a letter to CEO Mark Zuckerberg on Tuesday just hours after the launch of its digital wallet in partnership with Coinbase. Related Reading | Coinbase To Power Social Giant Facebook’s New Novi Crypto Wallet Facebook’s new digital wallet Novi is part of […]
In response to a letter from the U.S. calling on Facebook to halt its stablecoin and crypto wallet projects, Diem stated that it “is not Facebook. We are an independent organization” Stablecoin project Diem has distanced itself from its Facebook in response to Democrat Senators calling for the immediate cessation of the firm’s Novi crypto wallet.Diem also claimed senior regulators had called it “the best-designed stablecoin project that the U.S. government had seen.”In an Oct. 19 letter sent to Facebook CEO Mark Zuckerberg, the Senators including crypto critic Elizabeth Warren, voiced....
Facebook’s Novi wallet lets users send and receive a dollar-pegged stablecoin, but not hold it. The stablecoin market has grown exponentially over the last few months due to the numerous advantages blockchain-based versions of fiat currencies have. But, when Facebook launched its cryptocurrency wallet Novi using Paxos’ stablecoin, some United States senators were quick to oppose it. Are they concerned about user data or monetary sovereignty?The social media giant which, according to its Q2 2021 report, has 2.9 billion monthly active users across all of its platforms, tapped Coinbase and....
“When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs,” Facebook’s David Marcus said. As Facebook now finalizes the development of its proprietary cryptocurrency wallet, Novi, the social media giant could soon be supporting nonfungible tokens (NFT).David Marcus, head of Facebook Financial and co-creator of Facebook-initiated cryptocurrency Diem, said Wednesday that the firm is “definitely looking” at possible ways to get involved in the NFT industry.Facebook is considering multiple options to introduce NFT features, as it....
The social media giant still intends to launch Novi along with its Diem payment network once regulatory approval is granted. Social media giant Facebook has tapped Coinbase and Paxos for its forthcoming Novi digital wallet project, which kicked off its pilot testing phase in the United States and Guatemala on Tuesday. Beginning Oct. 19, a small cohort of users in both countries will be able to download the Novi digital wallet app on iPhone or Android devices and add money to their accounts with a debit card. From there, they will be able to send and receive money using Pax Dollar (USDP), a....