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.

Source: Bitpinas

PayPal is providing a Cryptocurrency Trading Feature for The U.K Customers  

1% deposit bonus on crypto in buyucoin

1% Deposit Bonus & Withdrawal Fees On Crypto Deposit in BuyUcoin

BuyUcoin giving 1% deposit bonus on crypto and reimbursement of crypto withdrawal fees for Indian user who have funds on banned crypto exchange. In the wake of the recent ban ...
Read More
Bitcoin ETFs

A Decade in the Making: US SEC Approves 11 Bitcoin ETFs, Igniting Market Enthusiasm

After years of anticipation and regulatory scrutiny, the U.S. Securities and Exchange Commission (SEC) has granted approval to 11 Bitcoin ETFs applications, marking a significant milestone in the cryptocurrency and ...
Read More
Will Bitcoin Price Increase 200% When Bitcoin ETF Is Approved?

Will Bitcoin Price Increase 200% When Bitcoin ETF Is Approved?

Everyone wants to know that bitcoin will Bitcoin Price Increase 200% When Bitcoin ETF Is Approved? We talk about the Bitcoin ETF, an important part in the cryptocurrency space. According ...
Read More

10 Must-Have Features on Bitcoin Staking Site

Crypto has provided many benefits for online gambling, and almost all relevant gambling sites now offer it as a payment method.  With so many gambling sites, players, especially those without ...
Read More
Christmas in the cryptocurrency world arrives early as the pre-holiday crypto market heats up

Christmas in the cryptocurrency world arrives early as the pre-holiday crypto market heats up

Happy Cryptomas to all of you! During the bullish state of the crypto market, margin-lending platforms and decentralised exchanges were the most often used DeFi protocols. Bitcoin is Up 167% so ...
Read More
Share with Others