David Marcus, an executive in Facebook, released the regulatory information concerning Novi. The update states the current status of Diem’s crypto wallet. Through a recent blog post, Marcus confirmed the approval for Novi in almost every state in the United States. Also, he revealed that it will not be launched in places where it has yet to get approval. The Facebook executive mentioned that project commits not to launch Novi on Diem without the necessary clearance. Moreover, he states that the project still keeps to its commitments. As such, there’s an ongoing consultation with international regulators. Furthermore, Marcus disclosed some information about Novi’s features and functions. According to him, the crypto wallet will enable free person-to-person payments within and outside the U.S. He explained the possibility for a future Novi’s profitability from merchant payments. This could be effective if the project will build a larger customer base. Related Reading | Solana Continues Bullish Trend, Becomes The 10th Largest Cryptocurrency Marcus added that they could diversify and provide a range of other financial services. These could be achieved through collaborations with prominent, reputable, and regulated partners that will bring expansion. How has The Facebook Project Fared? From the current news on Facebook’s crypto, the project is progressively moving to its launching period. This’s after over 2 ...
