Facebook is going all in on crypto and the metaverse
Facebook has commenced a pilot version of its Novi digital wallet today in America and Guatemala.
The pilot, in partnership with Coinbase, will allow users to send and receive money “instantly, securely and with no fees” using the Paxos stablecoin.
Facebook just announced that they are launching a pilot that will allow users of their digital wallet Novi to send remittances using stablecoins (USDP).— Pomp 🌪 (@APompliano) October 19, 2021
Every tech company is going to jump in the game.
David Marcus, the head of F2 (Facebook Financial), confirmed the purpose of the pilot is to “test core feature functions, and operational capabilities in customer care and compliance”, as well as aiming to confirm the viability of using stablecoins to make payments.
Remittances are a critical way to achieve financial inclusion. Today, we’re rolling out a small pilot of the @Novi digital wallet app in two countries — the US and Guatemala. People can send and receive money instantly, securely, and with no fees. 1/8— David Marcus (@davidmarcus) October 19, 2021
The launch of Novi will be going ahead without what was supposed to be a key feature, the Diem cryptocurrency backed by Facebook.
Previously known as Libra, Diem is yet to be approved by a regulator and therefore has not been launched in any country across the world.
However, there have been reports that the launch of Diem is imminent.
Facebook nearing full-blown support for cryptos; launch of Diem stablecoin imminent— zerohedge (@zerohedge) October 19, 2021
The news around Novi comes a day after Facebook announced it will hire 10,000 people in the EU to work on metaverse-related projects.
The metaverse refers to an online world where people can work, socialise and game in virtual environments, eventually by using VR headsets.
“Welcome to the metaverse.” pic.twitter.com/FFcUkA9WkH— Wasteland Capital (@ecommerceshares) October 17, 2021
Reports suggest that Mark Zuckerberg has personally been pushing for Facebook to innovate within the field. The metaverse is now one of the company’s biggest priorities.
"The metaverse has the potential to help unlock access to new creative, social, and economic opportunities. And Europeans will be shaping it right from the start," Facebook said in a blog post.