Facebook’s Novi wallet is ready to launch – but it won’t be launching with the Diem (formerly Libra) stablecoin.
Novi, Facebook’s digital wallet subsidiary, will go live in the U.S. and Guatemala in a pilot program, allowing users to start trading the Paxos Dollar (USDP), the social media giant announced Tuesday. Crypto exchange Coinbase will provide custody services for the program.
Users can purchase USDP through Novi, and Novi will deposit the funds with Coinbase, according to a Coinbase blog post.
“This does not mean our support for Diem has changed,” the Facebook press release said. “We intend to launch Novi with Diem once it receives regulatory approval and goes live.”
The pilot has already gone live, but is being rolled out slowly on the Apple App Store and Google Play Store, Facebook said.
Facebook originally announced Novi alongside Diem in June 2019. At the time, the wallet, then known as Calibra, was intended to support the then-Libra stablecoin before regulatory backlash changed the scope of the project.
Read more about
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.