Facebook Chooses Coinbase to Power Crypto Custody for Novi

Facebook Chooses Coinbase to Power Crypto Custody for Novi
  • Custody at Coinbase is a prominent crypto-native platform.
  • Participants in the experiment may buy Pax Dollar (USDP).

Novi is a new digital wallet by Facebook that allows users to transfer and receive money quickly, securely, and without fees. Facebook has selected Coinbase as its custodial partner. Furthermore, a completely segregated cold storage feature for maintaining private keys ensures customer money is safe throughout the trial.

Coinbase Custody

Participants in the experiment may buy Pax Dollar (USDP) using their Novi account, which Novi will keep in Coinbase Custody. Moreover, Novi users will then be able to send USDP to each other instantly.

Using Coinbase Custody Trust Company, a New York limited purpose trust company, Novi users’ money will be safe. Moreover, Coinbase Custody Trust Company is a fiduciary under New York State banking law and regulated by the NYDFS. Furthermore, Coinbase Custody’s premier insurance package includes a $320 million business crime coverage for Novi users.

Custody at Coinbase is a prominent crypto-native platform that safely handles $180 billion this year’s June-end data. Furthermore, Coinbase has nine years of experience building safe and scalable cryptocurrency infrastructure, the first to support its first-party apps. Moreover, it productized secure infrastructure solutions and now provides them to the rest of the market. Here are some highlights: multi-venue algorithmic trade execution; staking support; financing; DeFi access; market and on-chain data analytics.

The company believes all businesses, including financial platforms, banks, social media, gaming, and consumer brands, will be crypto enterprises in the future. Moreover, the aim is to provide them with the finest tools available so their users may enjoy the crypto economy.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.