Facebook's Digital Wallet Might Be Launched in 2021

Published August 26th, 2021 - 01:00 GMT
Facebook's Digital Wallet Might Be Launched in 2021
In 2019, Facebook announced its plans to introduce a cryptocurrency that at the time was called Libra. (Shutterstock)

A senior executive at Facebook claimed in a US media interview that the company is ready to launch a digital wallet that would allow users store cryptocurrencies, reported AFP.

David Marcus, head of Facebook's crypto unit, informed The Information news site that company leaders "feel pretty committed" to launch the digital wallet called Novi in 2021, according to AFP.

Marcus added that he personally would have preferred to release Novi alongside the Diem, a digital currency tied to the dollar that the company is also developing. However, this was not feasible since 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 announced its 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, Facebook changed the crypto's name to Diem and shifted its operations from Switzerland to the United States as part of a "strategic shift."


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