Facebook could launch digital wallet this year: report

Credit: CC0 Public Domain

Facebook is ready to launch a digital wallet that would let users store cryptocurrencies, a senior company executive said in a US media interview Wednesday.

David Marcus, head of Facebook's crypto unit, told The Information news site that company leaders "feel pretty committed" to launch the called Novi this year.

Marcus said he would have preferred to release Novi alongside Diem, a tied to the dollar that the company is also developing, but Diem's timing was uncertain.

"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," Marcus told The Information.

"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."

In 2019 Facebook said it plans to introduce a cryptocurrency that at the time was called Libra. The project however faced regulatory resistance over concerns about security and reliability.

In December 2020 the Libra changed its name to Diem and moved its operations from Switzerland to the United States as part of a "strategic shift."

Explore further

Facebook wallet for Libra digital coins renamed 'Novi'

© 2021 AFP

Citation: Facebook could launch digital wallet this year: report (2021, August 26) retrieved 27 May 2022 from https://techxplore.com/news/2021-08-facebook-digital-wallet-year.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.

Feedback to editors