Facebook is finally beginning to roll out a small test of its digital wallet Novi, as the same launches in the US and Guatemala today, and with the rollout coming after over two years since it was first announced. As expected, the pilot program will ensure that users can receive and send money using the Paxos stablecoin, and will be able to conduct transactions securely, instantly, and with zero fees.
The head of Facebook Financial, David Marcus, had said the pilot is to test some core features, functionality, as well as operational capabilities in customer care and compliance. Additionally, the test will be looking to also demonstrate the use of stablecoins in making payments.
Meanwhile, it is worthy to note however, that the Facebook’s digital wallet Novi, is actually launching without its biggest feature — the Facebook-backed Diem cryptocurrency. For what its worth, the Diem was supposed to be at the core center of the project. Diem, formerly called Libra, had its name changed in an effort to demonstrate the group as now being independent from Facebook. But as it stands, Diem is still trying to get regulatory approval and so is yet to launch its crypto in any part of the world.
As TheCoinrise reported, Libra had come under a lot of fire following the first announcement. This was what made most of the major partnering firms of the project including eBay, Visa, PayPal, MasterCard, Mercado Pago, and Stripe, to withdraw from the project just a few months later. However, the company just recently returned to the U.S in hopes of continuing its operations after plans to get its stablecoins to be approved in Switzerland, got stalled. Recall that CNBC reported earlier this year that Diem would be launching just one, US-based stablecoin tied to the dollar (rather than the wider scope the company had initially planned), but apparently, the token wasn’t ready for Novi’s pilot.
Meanwhile, Marcus is insisting that Novi is still committed to Diem and will launch with the cryptocurrency when it does go live. How soon that will be is however a bit vague.