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Facebook, the world’s most popular social media site with over 2 billion daily active users, is preparing to launch its own crypto wallet, which will allow users to store their cryptocurrencies.
Facebook Crypto Wallet?
According to David Marcus, the president of Facebook’s crypto section, the project’s backers are serious about launching the crypto wallet, which will be dubbed “Novi,” later this year.
In 2019, Facebook had intentions to introduce their own stablecoin, dubbed “Libra,” but the project was shelved due to regulatory concerns and opposition.
In addition, Novi, Facebook’s planned crypto wallet, will be complemented with a new stablecoin named “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 crypto digital product operations were originally based in Switzerland, but as part of their business strategy, they have relocated them to the United States.
Novi has already obtained licenses in every state in the United States in response to previous critiques of its capacity to work in the payment sector, despite having transacted $100 billion in payments around the globe in 55 currencies over the past four (4) quarters.
Traditional banking systems, according to David Marcus, are costly, slow, and lack interoperability, with 1.7 billion individuals still unbanked throughout the world. He also mentioned how inefficient it is due to its high-cost structure and extended settlement timeframes.