If you’re a crypto enthusiast, you can purchase your first digital asset through the Novi wallet. The wallet software has been in the works for a while, and the company has recently cut back on its global rollout plans. The platform also announced that it would sell its cryptocurrency, Diem, to Silvergate Capital Corp., and that it would no longer charge a fee to send and receive money internationally. The currency has a stable value against the US dollar, so you can easily send or receive it. In fact, you can even send and receive your coins through the Novi wallet if you wish.
No fees to send or receive money internationally
Recently, Meta began trialing a digital wallet through WhatsApp, known as Novi. Novi lets users send or receive money internationally without incurring any fees. The wallet uses a stablecoin developed by New York-based blockchain firm Paxos called the Diem. However, the service remains on standby due to regulatory concerns about Meta’s data protection. If it goes live, Novi could cut international transfer costs by half.
Availability of crypto through novi wallet
A digital wallet from Meta called Novi will allow users to send and receive crypto without incurring fees. It is being tested in the US and Guatemala and has helped testers send and receive personal payments. Facebook announced that a limited number of US users will soon be able to send Novi payments within WhatsApp. It aims to help the 1.7 billion adults who don’t have a bank account. However, there are many questions about how Novi will work.
Diem to be sold to Silvergate Capital Corp.
On Thursday, the Diem Association, a consortium of companies working on a blockchain-based payment system, announced that it has sold its intellectual property and technology to Silvergate Capital Corp. for $200 million. The project had been backed by Facebook and Meta Platforms Inc., and it was reportedly one of Zuckerberg’s biggest bets on cryptocurrency. But the project had been dogged by privacy concerns and regulatory resistance. Hence, Silvergate saw the potential of the Diem intellectual property and has decided to purchase it.
The name Novi will be ditched from Meta’s financial division. Facebook is a big name in the world of technology, and its brand name has been linked to cryptocurrency. But Facebook’s reputation as a social network is not a positive one for this crypto company. Instead, the name will be replaced by Meta Financial Technologies, the new name of Meta’s fintech unit. The company is expected to continue to invest heavily in AI and other financial tools, and it wants to grow in size and scale into a global fintech company.
Opposition to Diem’s plans
Facebook recently launched a digital wallet that carries the Diem cryptocurrency. The platform is currently part of a pilot program in the US and Guatemala. Facebook first announced its plans for a cryptocurrency over two years ago. Originally dubbed Libra, the project was soon rebranded as Diem. The currency is not yet released alongside the Novi wallet. The website claims to be a “decentralized exchange,” but that is far from true.