Novi, Facebook’s new digital wallet, will use Coinbase’s security to facilitate global payments. In addition, Coinbase recently announced that Facebook had chosen the platform as its custody partner for Novi’s pilot.
The announcement surged Coinbase’s use-cases, with new users looking for Coinbase reviews to understand its operations. In addition, the latest integration will see Coinbase supporting Novi with Coinbase Custody.
The functionality facilitates funds security with Coinbase’s customized and thoroughly segregated cold storage capacity for handling private keys. Additionally, initial Novi users participating in the pilot can use USDP (Pax Dollar) via the Novi account.
Novi will store the deposits securely with Coinbase Custody’s assistance. Later on, users can transfer Pax Dollar with other customers instantly. The funds of Novi users will be securely kept in Coinbase Custody Trust Company, which is known for its custodian capabilities.
The New York-based limited purpose trust company falls under the regulation of the NY Department of Financial Services. Therefore, it acts as a fiduciary under the New York state banking law. Novi customers can also benefit from Coinbase’s insurance program. The leading insurance initiative includes a 320 million dollar commercial crime policy.
As an esteemed crypto-native custodian and platform, Coinbase has secured 180 billion dollars worth of digital assets. The platform has grown in its nine years of market experience, gaining extensive expertise in the scalable and secure crypto framework. In addition, the platform productized the ecosystem to supply its framework as a solution to global users.
The framework includes leading custodian services, multifaceted algorithm-based trade execution, financing, compliance, on-chain and market data analytics, DeFi access, and staking support.
Coinbase believes that crypto will play a significant role in the modern market, including sectors like banking, social media, consumer goods, FinTech, and gaming. Thus, the platform intends to equip the sectors with the best crypto experience. The latest integration is a part of the goal Coinbase aims to achieve.