Have You Used Novi Yet?

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For those of you who haven't heard, Facebook is getting into the cryptocurrency space with their new app called Novi. It is available for users in the US and Guatemala as part of a pilot program.

Novi is supposed to allow feeless transfers to any other Novi wallet user and will be using the paxos dollar or USDP which is a stablecoin.

Seems pretty interesting although it is using a third-party stable coin which then makes it vulnerable to scrutiny from lawmakers.

In fact, a bunch of democratic senators have asked Facebook not to launch the app citing concerns about Facebook's ability to manage crypto as well as the use of a stablecoin which they say are still being debated.

Now, I wouldn't trust the senate to debate cryptocurrencies properly but I do agree that I wouldn't want Facebook managing my money or my wallet. They have had so many ethical issues over the years that they make crypto CEXs look like saints.

Feeless transfers by a company as big as Facebook would put a serious dent to the fees raked in by banks and business like Moneygram and WU. Interesting to see how this one plays out.

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