Facebook’s Novi Wallet Is Coming Soon, And Coinbase Will Help With The Logistics

Social media giant Facebook is gearing up to launch its Novi digital wallet, and it has partnered with crypto exchange Coinbase to help with some of the logistics.

Facebook Partners With Coinbase On Novi Wallet

Social media giant Facebook has chosen Coinbase as its custody partner as it gears up towards launching its Novi digital wallet. The new digital wallet is set to allow people to send and receive money to any part of the world instantly, securely, and with no fees.

In a blog post yesterday, Coinbase said it is supporting Novi via Coinbase Custody. The cryptocurrency exchange will keep user funds secure with its proprietary, fully segregated cold storage capability for managing private keys.

Coinbase said Novi users who take part in the pilot can buy Pax Dollar (USDP) via their Novi account, which the Coinbase Custody will hold on behalf of Novi. Novi users will have the option to transfer USDP between each other instantaneously.

The cryptocurrency exchange added that Novi users’ funds would be in the custody of Coinbase Custody Trust Company. It is a New York limited purpose trust company and regulated by the New York Department of Financial Services

This partnership is a huge win for Coinbase, one of the largest cryptocurrency exchanges in the world. Facebook said it decided to go with the Paxos Dollar, or USDP, because they want to test their systems with a stablecoin that has been working successfully for over three years. Furthermore, USDP has the regulatory and consumer protection attributes that Facebook was looking for.

Bitcoin Touches The 64k Level Again

The leading cryptocurrency has had excellent performance over the past few weeks. Thanks to its latest rally, Bitcoin has touched the $64k level again and could soon set a new all-time high above $65k if it maintains the current momentum.

The short and medium-term outlook of Bitcoin remains positive as most analysts believe it will rally towards the $100k level before the end of the year.