Claim $500Facebook’s NOVI Digital Wallet Goes Live But DIEM Cryptocurrency Is Missing
On Tuesday, October 19, Facebook launched its long-awaited NOVI digital wallet offering support for Paxos stablecoin aka the Paxos Dollar (USDP). During the launch, David Marcus, Facebook’s head of the NOVI project said that the USDP has been the most trusted and widely supported stablecoin with three years of operations in the market.
As result, NOVI will be interoperable with other crypto wallets that support the Paxos stablecoin. However, one of the biggest missing features with NOVI is Facebook’s native cryptocurrency DIEM. Marcus also noted that the company is willing to launch DIEM after securing regulatory approval.
The NOVI wallet app, however, is currently available only to a few select customers in the U.S. and Guatemala. . In his Twitter post, David Marcus noted:
The U.S-Guatemala remittance corridor is an important one. In Guatemala, 56% of people lack access to financial services, despite nearly 100% having mobile phones. Money sent from family & friends abroad contributes more than 14% of GDP and 90% of those remittances come from the US.
NOVI Partners With Coinbase for Custody Services
Along with Paxos, Facebook has also partnered with crypto exchange Coinbase for the custody of the USDP stablecoins. The funds of NOVI users shall be held by a regulated custodian Coinbase Custody Trust Company. However, this development is still in the pilot stage of implementation. In its blog post, Coinbase noted:
Coinbase is supporting Novi via Coinbase Custody, which keeps user funds secure with our proprietary, fully segregated cold storage capability for managing private keys.
Facebook’s step into the crypto space has met with several roadblocks in the past. It has been a very tough time for Facebook dealing with regulators over the last few years. Its native cryptocurrency DIEM still faces major roadblocks. However, Facebook continues its developments in FinTech and the launch of the NOVI wallet could be the beginning of the new journey for the social media giant.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Fed Injects $26 Billion: Will the Crypto Market Record a Year-End Rally?
- XRP Sell Pressure Intensifies amid Rising Inflows to Binance, South Korean Exchanges
- Crypto ETFs in 2026: What to Expect for Bitcoin, Ethereum, XRP, and Solana
- BlackRock Moves $200M BTC and ETH as Crypto ETPs See $3.2B Outflows Since October 10 Crash
- Breaking: Tom Lee’s Bitmine Buys $130M in ETH as Ethereum Whales Now Control 70% of Supply
- Binance Coin Price Risks Crash to $700 as Key BSC Metric Plunges 80%
- SUI Price Forecast: What’s Next for SUI in 2026 After $78.9M Token Unlocks?
- Solana Price Prediction: How High Could SOL Go in January 2026?
- Top 3 Predictions for Bitcoin price, Ethereum price and XRP price for 2026 According to Analysts
- Is $1 Dogecoin Price Technically Possible in 2026?
- Bitcoin Price Year-End Prediction: Analysts Highlight Key Levels Before 2025 Close
