Facebook has chosen Coinbase as a partner in its custody for its new pilot, a new digital wallet that enables people to send and receive money abroad instantly, securely and without any fees.
For pilots, Coinbase is supporting Novi through Coinbase Custody, which protects user funds with a fully segregated cold storage capacity to handle our proprietary, private keys.
Novo users who can participate in the pilot can earn Pax Dollars (USDP) through their Novi account, which will be deposited in Novi Coinbase Custody. Novi users will be able to instantly transfer USDP to each other.
The Novi Users Fund will be held between the Coinbase Custody Trust Company, a qualified custodian and New York Limited Purpose Trust Company. The Coinbase Custody Trust Company is regulated by the New York Department of Financial Services and is a fiduciary under New York State Banking Act. New users also benefit from Coinbase Custody’s leading insurance program, which includes a অপরাধ 320 million commercial crime policy.
Coinbase Custody is a leading crypto-native platform and custodian that manages $ 180 billion (up to 6/30/21) of crypto assets securely on its platform. Over the past nine years, Coinbase has gained deep expertise in the secure and scalable crypto infrastructure, which we created primarily to strengthen our own first-party applications. We built this infrastructure back then and now supply our secure infrastructure solutions to the rest of the market. These include our leading custody solutions, multi venue algorithmic trade execution, stacking support, financing, defi access, compliance and market and on-chain data analytics.
We believe that in the future, each company will be a crypto company with fintech platforms, banks, social media, gaming companies and consumer brands. Our goal is to equip them with the best tools possible so that their own users have a first-class experience and participate in the crypto economy.
Click here to learn more about Coinbase Institution’s complete suite of products and services.
Please note: Coinbase currently supports Pax Dollar (USDP) under its original ticker Paxos Standard (PAX) which was rebranded on August 24, 2021.
Coinbase to power crypto custody for Facebook’s Novi was originally published in the medium on The Coinbase blog, where people continue the conversation by highlighting and responding to the story.