Coinbase To Power Social Giant Facebook’s New Novi Crypto Wallet

Things continue to turn positive for the crypto industry and its poster child platform, Coinbase. The custody arm of the San Francisco cryptocurrency exchange that caters to retail and institutions alike, was selected by Facebook to power the company’s new Novi app, according to a blog post.

Facebook is running a pilot program of Novi in the United States and Guatemala, which will rely on Coinbase Custody’s “fully segregated cold storage capability for managing private keys.”

What Is Novi? All About Facebook’s Coming Crypto App

Believe it or not, Facebook’s new crypto app Novi is out now in the United States and Guatemala. Downloading it guides you through a Messenger-like sign-up process before beginning if it happens to be available in your state or country. There’s also the fastest KYC process ever, completed with a snapshot of a government-issued ID.

Related Reading | SEC Tweet Sparks Fresh Speculation Over Bitcoin ETF Approval

The app lets users send money digitally and internationally using the Paxos Standard (USDP) stablecoin. Much like Strike in El Salvador, the goal with Novi is to provide easier access to money transfer services in the unbanked. But its being put together by Facebook – a company notorious for invasive privacy practices – so the intentions can’t entirely be philanthropic.

Novi is out in select states and countries | Source: Apple App Store

Coinbase Global $COIN Shares Surge Ahead Of New Bitcoin ATH

After Coinbase spilled the beans about supporting the Novi wallet, $COIN shares took off on a tear. The company also revealed today that it was partnering with the NBA, WNBA, and more on an official basis. The relationship likely means better visibility for the brand, and the likes of Bitcoin, at games and on TV.

COIN_2021-10-19_15-14-51

Coinbase shares have hit resistance, but an uptrend is brewing | Source: COIN on TradingView.com

Coinbase Global went live on the Nasdaq in April 2021, marking the current Bitcoin all-time high. $COIN has made its first major reversal, and if the stock share price closes at current levels the weekly will have formed a “Three White Soldiers” pattern.

Related Reading | Nelson Saiers’ Inflatable Bitcoin Rat Is Back To Take On The Fed

The pattern typically predicts a massive uptrend ahead, but not before the chance of a selloff correcting mildly overbought conditions. New highs for Coinbase Global shares also could mean more interest from stock market investors considering cryptocurrencies for the first time.

And with Bitcoin price nearly at new all-time highs, the recipe for wider crypto market FOMO that greatly benefits Coinbase could be right around the corner.

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Featured image from iStockPhoto, Charts from TradingView.com

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