- Facebook chose Coinbase as its custody partner for Novi.
- Novi is a new digital wallet that lets people send and receive money abroad.
- Coinbase supports Novi through their Coinbase Custody arm.
Facebook has recently collaborated with Coinbase to be its custody partner for the pilot of Novi. The product is a new digital wallet that lets people send and receive money without any fees. According to the official Coinbase Blog, the company supports Novi through Coinbase Custody which secures user funds.
Coinbase also encouraged users to participate in the pilot. They mentioned,
Novi users who can participate in the pilot can acquire Pax Dollar (USDP) through their Novi account.
These will then be held on deposit by Novi with Coinbase Custody. After this, Novi users will have the ability to transfer USDP to each other instantly.
The funds of Novi users will be placed in Coinbase Custody Trust Company. The entity is a New York-qualified custodian company. The company follows the regulations set by the New York Department of Financial Services.
According to Coinbase, they believe that in the future, “every company will be a crypto company.” They mentioned that this includes fintech platforms, banks, social media, gaming companies, and consumer brands.