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Facebook finally launches digital wallet but has yet to offer support for many cryptocurrencies

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Oct 19, 2021

One of the best things to come out of the past decade was the incredible rise to prominence of cryptocurrencies. Not only have they been able to completely revolutionize the financial market, but they have also managed to become a favorite of all types of investors. Whether they prefer more institutional assets or are part of the new age of digital assets, everyone has warmed up to cryptocurrencies.

And with this rise in popularity, it has become very obvious that companies have even started to grow fond of cryptocurrencies. And with the poster child of cryptocurrencies, Bitcoin, crossing $70,000, it is very obvious that even companies as big as Facebook are looking to make their way into cryptocurrencies. Facebook’s biggest competitors Google and Twitter, have already made their way into the crypto scene. Therefore, Facebook is the odd one out. And with their plans to introduce a new digital wallet that will be providing customers with a multitude of features. Furthermore, the new wallet will be a part of their already existing ecosystem, which makes it all the better.

However, following the launch of their new wallet, customers were a little underwhelmed with the lack of crypto options available. Even though it is still a small pilot, people still had much higher expectations for the Novi digital wallet. Through the new wallet, people will be able to send and receive money with the help of the Paxos Stablecoin.

What is even more impressive is that they have partnered with one of the biggest crypto exchanges in the market, Coinbase. Coinbase will be working as the custody partner of the Novi wallet, which means that they will be holding all of the funds for the app. The fact that they are working with one of the biggest exchanges in the market allows Facebook to bring in a lot more respect from its users.

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But since the application will only be working with the Paxos stablecoin, people are not very excited for the new wallet. Given that there are a variety of other crypto wallets in the market that can allow people to send their funds in whatever crypto they want, Facebook has a steep hill to climb.

Even the head of Facebook financial came out and spoke about the pilot and what it means. He said that the pilot exists to test the core functions of the app, as well as the integrated features and customer support options. They are still open to suggestions and are looking forward to hearing from their customers soon. Even though Facebook is still lacking in terms of variety, it is still good to have such a big name in the market.

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