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Facebook has launched the pilot to its Novi digital assets wallet and will use Coinbase as the custodian for assets held with the wallet. Novi allows users to send and receive money instantly with no fees. 


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The waitlist for the application is available to people in the United States and Guatemala and only for sending and receiving USDP, the Paxos Dollar stablecoin. 

To access the waitlist users will need to give a full name, email address and indicate which countries they intend to transfer money between. This makes the Novi wallet more of a traditional type of payment system like Venmo, CashApp and other similar platforms, rather than a typical cryptocurrency wallet where the user has control over their information. 

Users' funds will be held by Coinbase Custody Trust Company, a regulated New York limited purpose trust company by the New York Department of Financial Services.

Novi is a Facebook company and is one of the member companies of the Diem Association created by Facebook. Diem is the new cryptocurrency that was formally known as the Libra currency that Facebook sought to launch in 2019.

Libra received immense backlash from both the public and regulators due to Facebook's repeated anti-trust violations and personal privacy overreach. Facebook then renamed the Libra project to Diem. The Novi wallet has launched without the Diem currency and it is unclear when that will be launched.

Other members of the Diem Association include Xapo, Andreesen Horowitz, Coinbase, Lyft, Shopify, Spotify, Uber and more.