Being launched only as a “small pilot” run, Novi will allow users to send and receive money using the Paxos stablecoin, developed in partnership with Coinbase. According to Facebook’s David Marcus, the head of F2 (Facebook Financial), the pilot is meant to “test core feature functions, and operational capabilities in customer care and compliance.”
Interestingly, Novi has been launched without its accompanying cryptocurrency, Diem (formerly known as Libra), which has yet to receive regulatory approval following major criticism. Nonetheless, Facebook still intends for Novi to function as a payments super app that will be connected to all of its products, including Whatsapp and Instagram.
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