{"id":51451,"date":"2021-10-19T17:39:04","date_gmt":"2021-10-19T14:39:04","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=51451"},"modified":"2025-09-02T23:47:58","modified_gmt":"2025-09-02T20:47:58","slug":"coinbase-to-power-facebooks-novi-digital-wallet-pilot","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coinbase-to-power-facebooks-novi-digital-wallet-pilot\/","title":{"rendered":"Coinbase to power Facebook&#8217;s Novi digital wallet pilot"},"content":{"rendered":"<p>Facebook has chosen Coinbase as custodian partner for a pilot of its Novi digital wallet. The move was announced in <a href=\"https:\/\/blog.coinbase.com\/coinbase-to-power-crypto-custody-for-facebooks-novi-90dc8d3f5830\">\u0431\u043b\u043e\u0433\u0435<\/a>.<\/p>\n<p>As part of the pilot, Coinbase Custody will safeguard Novi users&#8217; funds using its own cold storage and private-key management service.<\/p>\n<p>Participants in the test will be able to acquire Pax Dollar (USDP) via their crypto wallet account and use the stablecoin for transfers between one another.<\/p>\n<p>Funds will be held by the Coinbase Custody Trust and will fall under an insurance program totaling $320 million, the company said.<\/p>\n<p>Facebook&#8217;s head of payments, David Marcus, noted that a &#8216;small pilot&#8217; will run in two countries \u2014 the United States and Guatemala. During the project, users will be able to &#8216;send and receive money instantly, securely, and with no fees,&#8217; he added.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Remittances are a critical way to achieve financial inclusion. Today, we\u2019re rolling out a small pilot of the <a href=\"https:\/\/twitter.com\/novi?ref_src=twsrc%5Etfw\">@Novi<\/a> digital wallet app in two countries \u2014 the US and Guatemala. People can send and receive money instantly, securely, and with no fees. 1\/8<\/p>\n<p>\u2014 David Marcus (@davidmarcus) <a href=\"https:\/\/twitter.com\/davidmarcus\/status\/1450447439341580293?ref_src=twsrc%5Etfw\">October 19, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe will test the core features and our capabilities in customer service and regulatory compliance. We also hope this will demonstrate a new use case for the stablecoin \u2014 as a payment instrument,\u201d Marcus explained.<\/p>\n<\/blockquote>\n<p>According to him, Facebook has not abandoned support for its own digital currency Diem. The stablecoin will launch once regulators approve it, Marcus stressed.<\/p>\n<p>In August, he <a href=\"https:\/\/forklog.com\/en\/news\/david-marcus-says-novi-digital-wallet-ready-for-launch\">said Novi was ready for launch<\/a>.<\/p>\n<p>That same period, media learned that the wallet operator <a href=\"https:\/\/forklog.com\/en\/news\/facebook-to-drop-diem-in-favour-of-third-party-stablecoins\">in talks with stablecoin issuers<\/a> USD Coin (USDC) and USDP (<a href=\"https:\/\/forklog.com\/en\/news\/paxos-renames-paxos-standard-stablecoin-to-pax-dollar\">then \u2014 Paxos Standard (PAX)<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Facebook chose Coinbase as custodian partner for the pilot of its Novi digital wallet. The move was announced on Coinbase&#8217;s blog.<\/p>\n","protected":false},"author":1,"featured_media":51452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[138,611,2235],"class_list":["post-51451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinbase","tag-facebook","tag-novi"],"aioseo_notices":[],"amp_enabled":true,"views":"33","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/51451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=51451"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/51451\/revisions"}],"predecessor-version":[{"id":51453,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/51451\/revisions\/51453"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/51452"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=51451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=51451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=51451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}