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October 20, 2021Blog Posts

Facebook’s digital wallet finally launches… without Diem cryptocurrency

The Verge

Facebook is finally starting to roll out a “small pilot” of its Novi digital wallet today in the US and Guatemala, more than two years after it was first announced. The pilot program will let users send and receive money “instantly, securely, and with no fees” using the Paxos stablecoin, in partnership with Coinbase (which will be serving as the custody partner that holds the actual funds for the pilot).

According to Facebook’s David Marcus, the head of F2 (Facebook Financial), the pilot is meant to “test core feature functions, and operational capabilities in customer care and compliance,” in addition to trying to demonstrate a viable use of stablecoins for payments.

Most notably, though, is the fact that Novi is launching without its biggest feature: the Facebook-backed Diem cryptocurrency that was meant to be the cornerstone of the project. Diem was formerly known as Libra, before the name was changed in an effort to distance the now-independent group from Facebook, which initially started it. But Diem is still facing regulatory approval and has yet to launch its cryptocurrency in any country.

Novi logo by Geoff Teehan on Dribbble

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Crypto. The buzzword you hear everywhere from the news to friends hyping it up. Has the craze gone mainstream and reached businesses?

Big names like Microsoft, AMC, Starbucks, and AT&T are in, but what do small businesses think? The Strawhecker Group (TSG) used new survey data from nearly 600 small businesses in the U.S. to illustrate their knowledge, attitudes, and acceptance of cryptocurrency.

Download the infographic
Payments professionals across the ecosystem will find this infographic to be a great resource as the market continues to evolve. Are you working with merchants on a crypto strategy?

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