Coinbase to Run Novi’s Cryptocurrency Custody Service on Facebook – News Couple

Coinbase to Run Novi’s Cryptocurrency Custody Service on Facebook

Facebook has chosen Coinbase as its custody partner for its pilot Novi, a new digital wallet that enables people to send and receive money abroad instantly, securely, and without fees.

For the pilot, Coinbase Novi supports via Coinbase Custody, which keeps user funds safe with our fully separate, cold storage capabilities for managing private keys.

Novi users who can participate in the trial can get Pax Dollars (USDP) through their Novi Account, which Novi will maintain when depositing it with Coinbase Custody. Novi users will then be able to convert USDP between each other instantly.

Novi users’ funds will be held by the Coinbase Custody Trust, a qualified trustee and limited purpose trust company in New York. The Coinbase Custody Trust is regulated by the New York Department of Financial Services and is a trust under the New York State Banking Act. Novi users also benefit from Coinbase Custody’s flagship insurance program, which includes a $320 million commercial crime policy.

Coinbase Custody is a leading native crypto platform and custodian that securely manages $180 billion (as of 6/30/21) in crypto assets on its platform. Over the past nine years, Coinbase has developed deep expertise in the secure and scalable crypto infrastructure, which we initially built to run our first-party applications. We then transformed that infrastructure into products, and we now provide secure infrastructure solutions to the rest of the market. This includes our leading custodial solutions, multi-location algorithmic trade execution, betting support, funding, challenge access, compliance, market analytics and on-chain data.

We believe that in the future, every company will be a crypto company, including fintech platforms, banks, social media, gaming companies, and consumer brands. Our goal is to arm them with the best possible tools so that their users can have a first-class experience and participate in the crypto economy.

To learn more about the full suite of Coinbase Institutional products and services click here.

please note: Coinbase currently supports the Pax Dollar (USDP) under its original index, the Paxos Standard (PAX), which was rebranded on August 24, 2021.

Coinbase to launch Novi’s cryptocurrency holding service for Facebook has been posted to the Coinbase Blog on Medium, where people continue the conversation by highlighting and responding to this story.

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