Crypto News Recap: Facebook to Launch Crypto Wallet Novi

Published August 30th, 2021 - 07:00 GMT
Crypto News Recap: Facebook to launch Crypto Wallet
Novi logo on smartphone, facebook app and dollar banknotes on the blurred background. Novi is a rebranded Facebook Calibra wallet. (Shutterstock)
Afraid that you’ve missed any news on Bitcoin or cryptocurrencies? Don’t worry we've got you covered.

This week in Crypto News Recap, the main story is Facebook’s new crypto wallet, dubbed as Novi! Though on paper one might think that such a story must send the BTC price to new highs but crypto markets had been anything but predictable! Sometimes a celebrity might ignite traders' sentiments crashing the crypto markets with a tweet, other times big adoption news like this one won’t have the slightest effect on the prices.

Another interesting announcement that took place this week was Cuba joining the crypto revolution. 

Before we take a look at the major highlights of last week in the amazing world of crypto, let's take a look at the charts!

Bitcoin Chart

Bitcoin's price at time of writing was $48,025.18. Bitcoin’s dominance is currently 43.65%, a decrease of 1.27% over the day.


Crypto Charts

The global crypto market cap is at $2.07T, increasing/down 2.22% from yesterday.
While the overall market volume over the last 24 hours is $89.88B, down 5.82%.


Facebook Plans to Launch Crypto Wallet Novi

In a move welcomed by crypto enthusiasts, Facebook has announced plans to launch a cryptocurrency wallet named Novi Digital Wallet saying the wallet would be linked to the Diem Blockchain system.

Diem is a new global permission blockchain-based payment system launched by the American social media giant.

The new wallet, which is a rebranded Facebook Calibra wallet, will enable users to add money to their wallets however it will convert it into a Diem digital currency (the native coin of Diem system) that people can send to friends and family around the world.

According to Facebook, Novi wallet will be as a separate app in the App Store and Google Play. But Facebook Messenger and WhatsApp users will also be able to use Novi directly in the apps.

Cuba Poised to Regulate Cryptocurrency

The Republic of Cuba is on track to recognize and regulate cryptocurrencies, Al Jazeera has reported. 

This would make the Caribbean country the third Latin American country to accept bitcoin as legal tender. Struggling economies shift towards cryptocurrencies due to the imposed US sanctions and restrictions on remittances from the US.

The new regulations, which will take effect on September 15, will recognize "the use of certain cryptocurrencies in commercial transactions, as well as the licensing of providers" of these services in "operations related to financial, exchange and collection or payment activities" in or from Cuban territory.

NFTs: Vogue and Telsa

Vogue has decided to join the NFT mania by tokenizing two front cover images!

With a total of 15 NFTs created exclusively for Vogue Singapore in the September issue, Vogue’s front page will feature QR codes allowing readers to sign up for an auction of two one-of-a-kinds “virtual-only covers”.

Vogue NFT

From left to right: ‘The RenaiXance Rising’ by The Fabricant and Shavonne Wong; Olivier Rousteing’s sketches of the ‘Flame Dress’ (Image: Vogue Singapore)

All Vogue's NFTs will be available for auction on the Binance NFT marketplace starting from 20 September.

Moving on to cars, crypto advocate Elon Musk is also selling a replica of autographed Tesla Model X toy car as an NFT for 7.5 Ethereum!

Tesla NFT

 An NFT of a model Tesla signed by Elon Musk and authenticated by Beckett (Image: prnewswire)

The actual toy car was physically signed by Musk across its hood. The auction had began on August 29th and will last for 10 days.

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 Disclaimer: The Cryptocurrency market is considered highly speculative, risky, and largely unregulated. Anyone mulling investing in it, should be aware there's a risk of losing their entire investment.

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