While the eyes of Bitcoin investors turned to the Bitcoin ETF, news about cryptocurrencies came from Facebook.
Facebook announced that it has launched a pilot application that will allow Novi digital wallet users to pay stablecoins.
The functionality and performance of the system will be tested, with no transaction fee, in the pilot implementation, which started in the USA and Guatemala.
It was stated that Facebook has partnered with the largest US crypto exchange Coinbase to pilot its new digital wallet.
COINBASE GLOBAL INC – FACEBOOK HAS CHOSEN COINBASE AS ITS CUSTODY PARTNER FOR ITS PILOT OF NOVI, A NEW DIGITAL WALLET$COIN
— *Walter Bloomberg (@DeItaone) October 19, 2021
Facebook’s entry into the cryptocurrency space is something that has made regulators nervous. Because it was claimed that these pressures were effective in the inability to complete the work of Facebook’s own crypto currency Diem.
The technology giant, which has 1.84 billion daily active users worldwide, is closely followed due to its network power.
It is thought that Facebook’s launch of remittance systems through its own application and users’ ability to send money to each other at low fees will hit the banking system and traditional finance.
We will be watching if there will be an objection from the regulators to Facebook’s new digital wallet pilot applications.