Oct 22, 2021
Facebook launched Novi, a crypto payments app with a limited
release in the US and Guatemala. Built on the Ethereum blockchain,
it allows for zero fee cross border payments. These two countries
were chose because 14% of Guatemala's GDP comes from remittances
(non commercial transfers from abroad) and 90% of them come from
the US alone. The current banking system requires high fees- taking
money out of the pockets of those trying to send money back home to
their families. Novi tackles that problem head on.
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