Facebook, a social media platform with more than 2 billion daily active users worldwide is now planning to launch its own digital wallet which will let its users store their cryptocurrencies.
According to Facebook’s head of crypto unit David Marcus, Facebook’s company leaders behind the project are really committed to launching the digital wallet which will be called “Novi” later this year.
In 2019, Facebook also had plans to launch their own stablecoin which they called “Libra” and because of regulation issues and resistance the project was cancelled. (Read More: What Layoffs? Facebook Calibra is Hiring for its Ireland Office)
Further, Novi, the Facebook-planned digital wallet will also be accompanied by a new stablecoin which will be called “Diem.”
However, David states that, “In theory, Novi could launch before Diem, but it would mean launching without Diem and that’s not necessarily something that we want to do”.
He also added that, “It all depends on how long it’s going to take for Diem to actually go live and that’s not something I’m personally looking after.”
Facebook’s operations of its crypto digital products was previously located on Switzerland and they have moved it to the United States as part of their business strategy. (Read More: Libra Being Considered to Become a Payment Network Accepting Multiple Coins)
Currently, Novi has already secured licenses in every state of the United States as a response to previous criticisms for its ability to work in the payment industry despite its experience of having a payments volume of $100 billion transacted over the past four (4) quarters throughout the globe in 55 currencies.
According to David Marcus, traditional financial systems are costly, slow and lack interoperability, with 1.7 billion people still unbanked around the world. He also added that its high fee structure with long settlement times makes it very inefficient.
This article is published on BitPinas: Facebook Crypto Wallet? Social Media Giant Plans to Launch Digital Wallet This Year