Benzinga | Oct 19, 2021 12:55PM EDT

Facebook Zeroes On Coinbase For Piloting Digital Wallet

* Facebook Inc (NASDAQ:FB) chose crypto-native platform and custodian Coinbase Global Inc (NASDAQ:COIN) as its custody partner for its pilot of Novi, Street Insider reports.

* Novi is a new digital wallet that enables people to instantly send and receive money abroad, securely, and without any fees.

* Coinbase supports Novi via Coinbase Custody for the pilot, keeping user funds secure with our proprietary, fully segregated cold storage capability to manage private keys.

* Novi users participating in the pilot can acquire Pax Dollar (USDP) through their Novi account, which Novi will hold on deposit with Coinbase Custody. Novi users will then be able to transfer USDP between each other promptly.

* Novi users' funds will be held within Coinbase Custody Trust Company, a qualified custodian.

* Novi users also benefit from Coinbase Custody's leading insurance program, including a $320 million commercial crime policy.

* Related Content: Facebook Discloses Digital Wallet Plans

* Price Action: COIN shares traded higher by 4.59% at $306.80 on the last check Tuesday.