Facebook’s digital wallet subsidiary Novi is ready to launch but it will not be with the Diem stablecoin, CoinDesk reported.
- Facebook said Novi will be initially available in the United States and Guatemala, which allow users to start trading the Paxos Dollar (USDP), with Coinbase providing custody services for the program.
- Under the program, users can buy USDP through Novi, and Novi will in turn deposit the funds with Coinbase, as Facebook said it intends to launch Novi with Diem once it receives regulatory approval.
- The social media giant announced Novi alongside Diem in June 2019, with the wallet intended to support the stablecoin before changes in regulatory backlash changed the scope of the project.
The pilot is already live and is being slowly rolled out on the Apple App Store and Google Play Store. FB is up 1.47%.