Facebook Teams Up With Coinbase For New Digital Wallet Rollout

Facebook has been making headlines for a while now regarding its entrance into the crypto space.

It’s been just revealed that Facebook is getting ready to launch the Novi crypto wallet in the United States and Guatemala.

According to the latest data revealed by the online publication the Daily Hodl, the initial rollout only allows users to trade the Paxos Dollar (USDP) stablecoin, which is secured by Coinbase.

Check out the note on the Coinbase Blog:

“Novi users’ funds will be held within Coinbase Custody Trust Company, a qualified custodian and a New York limited purpose trust company. Novi users also benefit from Coinbase Custody’s leading insurance program, which includes a $320 million commercial crime policy.”

It’s also been revealed that Coinbase Custody claims to securely manage over $180 billion worth of crypto assets as of June 2021.

The same online publication mentioned above also notes that David Marcus, the head of Facebook Financial (F2), said that Novi’s “small-pilot” rollout will test network capabilities while demonstrating a real-world use case for USDP.

“We’re doing a pilot to test core feature functions, and our operational capabilities in customer care and compliance. We’re also hopeful this will demonstrate a new stablecoin use case (as a payments instrument) beyond how they are typically used today.”

Coinbase has been making a lot of headlines these days.

As we already reported, the NFT craze continues, and the industry is gaining more and more popularity. One of the latest players that hopped in the game is crypto exchange Coinbase.

In a new blog post, Coinbase revealed the creation of Coinbase NFT, a platform that aims to allow users to easily buy and sell NFTs .

VP of product and ecosystem Sanchan Saxena said the following:

“If you’ve tried to create or purchase an NFT, you’ve probably found the user experience lacking. Creating an NFT should be as simple as tapping a few buttons.”

Stay tuned for more news.