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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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