Facebook digital wallet Novi is ready for market launch

The Diem Association is a non-profit consortium overseeing the development of the Diem stablecoin. Novi is designed to allow users to add money to their wallets that would be converted to a Diem digital currency that could then be sent to others worldwide.

Novi has secured licenses or approvals in nearly every US state and it won’t launch any place where it has yet to receive clearances, according to Facebook officials.

Diem, which was first spearheaded by Facebook under the Libra name, is a blockchain-based payment system that has faced a number of roadblocks. Regulatory concerns over Facebook’s data privacy and potential money laundering issues have contributed to delays for the programme that was meant to launch in early 2021. Diem was originally meant to be backed by a wide mix of currencies and government debt but it’s now meant to launch as a single coin backed by the US dollar.

The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.

The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.

Categories

Payments

Fraud and Fincrime

Fintech

Crypto, Web3 and CBDC

Regulations

M&A and Investments

Current themes

A2A Payments

Payment Orchestration

TradFi and DeFi Convergence

KYC, KYB and Digital Identity