In Brief:·
- Marcus shares his honest thoughts on the cryptocurrency industry and announces the debut of Novi.
Facebook, the social media giant, Facebook, the social media giant, is prepared to launch a Novi digital wallet tied to Diem blockchain-based payment system, said the head of Facebook’s payment project.
David Marcus, Facebook’s financial service division, has spent the last few years working on Diem’s crypto wallet Novi. It is an interoperable digital wallet that integrates with the Diem payment system. With the launch of Novi, Facebook is preparing to enter the digital wallet market.
The wallet will be integrated into the Facebook app and is “ready to come to market,” according to David Marcus. Marcus is the same Facebook executive who pushed for the company’s adoption of bitcoin.
According to Marcus, the Novi wallet is an interoperable digital wallet that would “allow people, and eventually small businesses.” Anyone who uses the Novi wallet will be able to make free domestic and international payments utilising the Novi platform.
Facebook is betting on people’s desire to switch to free payments that are “more convenient” ones. The goal is to expand and provide a variety of different financial services by partnering with well-known companies.
Marcus cited the 1.7 billion unbanked people across the world, along with 62 million Americans who aren’t getting benefitted.
Last year, Ripple’s executive chairman wrote that the US is losing the “tech cold war” with China over control of the “next-gen financial system.”
Diem suggested a native cryptocurrency for use throughout Facebook’s owned platforms of Instagram, WhatsApp, and Messenger in 2019. It has the potential to challenge the sovereignty of established fiat currencies such as the US dollar.
He stated, “We’re a challenger in the payments sector, and we’ll offer free domestic and international person-to-person payments for those who use the Novi wallet.” He also addressed the necessity for Novi wallets to support non-fungible tokens or NFTs, and that smart contracts would replace traditional contracts and titles.
Also Read: Facebook Backed Diem Aims to Launch U.S Dollar-Pegged Stablecoin in 2021
Novi is said to have “engaged in productive conversations” with authorities and legislators all around the world, obtaining regulatory licences or permits from nearly every state in the United States.
Despite well-documented trust difficulties with Facebook’s data records, Marcus stated on two occasions that Novi deserves a “fair shot”. Late last year, he used similar words in his “benefit of the doubt” plea.
Marcus expressed his ardent view that delaying the launch of the Novi wallet would be “unreasonable.”
