What is Novi?
Novi is a Crypto tokens enabled digital wallet constructed by the partnership of Facebook, a social media platform choosing coinbase as its custody partner for the functioning. The Novi wallet is built to allow people to send and receive money faster, and with no transaction fees. We all are aware of the functioning and widespread of Facebook as a socialising network that allows people to connect from anywhere anytime. On the other hand, Coinbase is a digital crypto trading platform where one can buy, sell, store and transfer digital money within seconds with an aim to develop an open financial system with digital currencies and assets.
The invention deals with the collaboration of a social networking platform and a crypto trading platform to provide users with a path where they can store and transfer digital currencies smoothly, with no risks and fear of cyber scams. The crypto exchange firm is helping customers to fund money safely by supporting Facebook via its custody. With a fully segregated cold storage capacity, a private key management system is enabled via collaboration.
NOVI WALLET FUNCTIONING
According to Coinbase custody, users accessing the Novi pilot can attain the pax dollar (USDP) through the Novi accounts themselves. This will be kept as a deposit allowing one to transfer the dollar instantly and smoothly. Novi customer funds will be held by a qualified custodian NewYork based limited purpose trust company – coinbase custody. The firm is operated by the new york department of financial services, guardian under the new york banking law – state. Another benefit Novi wallet users can get from the custody is a $320 million commercial crime policy.
WHAT IS COINBASE AND ITS CUSTODY?
Successfully managing over $180 million crypto assets, coinbase custody is a developing crypto-native platform that has effectively built user trust and an established position in recent years for the crypto sector. Moreover, the custody also deals with other solutions such as financing, defi access, multi-venue algorithmic trade execution, chain analytics and staking support.
The company was developed to provide each sector with a platform to access cryptocurrency for business as well as evolution needs. From fintech, banking, and gaming platforms to social media and brands, the purpose is to attribute the most acceptable crypto tools for first-class user experience and to expand the concept of crypto and its technological aspects.
NOVI: A DIGITAL WALLET
The Novi wallet has been functioning for quite some time now and will be launching pilot programs in Guatemala and the US soon. The Novi wallet services were first launched to people in the US except some people living in areas such as Alaska, Nevada, New York, and the US Virgin Islands. The partnership of Facebook and coinbase was confirmed by one of a blog posted by coinbase on their official website. The wallet will use USDP (Pax dollar), a form of stablecoin based on the US dollar currency, all around the world.
The head of facebook’s Novi project, David Marcus mentioned that the stablecoin will be backed up fully by the US dollar and will be held in cash and equivalents. Cash equivalents allow people to withdraw or transact money in their local currency, thus reaching a more expansive audience. The network is also believed to utilise Novi to bring a change in regular transactions by a more cost-efficient and helpful alternative to the conventional transaction system.
SUMMARY:
The partnership of a social networking platform and a crypto-enabled firm can successfully enable more and more people to invest and trade in digital currencies. The invention of the Novi digital wallet acts as a one-in-all solution for transaction and holding currencies issues. The solution is cost-effective, faster, and secure when it comes to online money transactions. The wallet is still yet to be launched in major firms and requires in-depth analysis. With progressive features and feedback analysis, the wallet can do wonders for the cryptocurrency sector, resulting in enlarging and strengthening the bitcoin era. With the advancement and evolution of major blockchain and crypto-based components, the world will soon witness every firm, big and small operating cryptocurrency payments and emerging as a global chain.