A top crypto executive of Facebook, David Marcus said that the social network was getting ready to launch a digital wallet called Novi. It would allow its users to store cryptocurrencies. Marcus told The Information that the launch could take place this year, potentially before its crypto currency diem would be launched. Although there has been chatter about the launch of Novi, this is the first time, Marcus has provided a timeline.
The Novi wallet might store cryptocurrency of about 2.9 billion users who are a part of the social media platform. Marcus’ comments indicate that Facebook is willing to plunge into the $2 trillion crypto market in the near future.
Marcus would ideally like the Novi wallet and the diem to be launched together. However, the diem faces regulatory processes, and its timeline is uncertain.
Marcus had also told Bloomberg Television on Tuesday that China was ahead of the U.S. on the issue of accepting digital currencies and that giving $2.9 billion users of Facebook access to the huge crypto market could be a game changer.
He also told them that Facebook was also looking at products and features that were related to non-fungible tokens (NFTs) to become a part of their digital wallet Novi as were in a good position to do add them.
In 2019, Facebook announced that it was making its own crypto currency called Libra in the U.S. However, lawmakers in the nation were not in favor. So, the social media platform moved its operations to Switzerland and renamed the crypto currency, calling it diem.
In an August 18 blogpost Marcus noted that the diem could be a safe digital currency. He said that well designed stable coins and their wallet ecosystem had the potential to improve upon the traditional implementation of controls on “anti-money laundering, counter-terrorist financing, sanctions and tax compliance.”
He said that they would start Novi in a few countries as it would be necessary to obtain licenses and to be in compliance with local regulations and standards. He said that Novi had been approved in nearly every state in the nation.