- Oct 21, 2021
Facebook takes further action with its Novi Cryptocurrency Project
Facebook’s Diem/Novi cryptocurrency project is the one through which it’s hoping to facilitate fee-free payments on its services by side-stepping traditional financial providers. The project has faced a range of lapses. But despite various challenges, the project is still moving forward.
On October 19, 2021, Novi chief David Marcus declared the next significant step forward for Facebook’s crypto payments, with the launch of a pilot of its Novi digital wallet in the US and Guatemala, enabling users to send and receive money between the two regions.
The key use case of this test will be remittance, where people can send money back to their families from each region. A key feature highlighted by Facebook concerning remittance, where Indian citizens transfer more funds through remittance than anyone else in the world.
This is a significant business incentive for Facebook to push ahead with the project to build a critical financial platform that could attract many more users in key developing markets. The long-term aim of Facebook is indeed broader payments and transactions.
Read more at www.socialmediatoday.com