The test will allow Novi to test all of its main functions and to evaluate what things need to be improved before launch. Novi will use pax dollars as the main currency during the test, but David Marcus, head Of Facebook Financial, stated they still plan to launch with Diem once it gets green lighted by regulators.
Novi, Facebook’s digital wallet, is now running a test pilot program of its wallet in two countries: Guatemala and the U.S. David Marcus, head of Facebook Financial, stated this “test pilot would test core feature functions” and their operational capabilities in customer care and compliance. Marcus also stated that the remittance corridor between these two countries was very important because most Guatemalans lack access to financial services, but have access to a smartphone. However, the pilot is not using diem, the formerly Facebook-backed cryptocurrency. Instead, Novi chose to launch the pilot using pax dollar, an already established stablecoin supported by Paxos, a New York-based financial services company. Coinbase was selected as custodian of the funds for the pilot, to keep users’ funds secure through its custody platform.