Facebook Set to Introduce Novi Crypto Wallet

Social Media Network, Facebook has announced its plan to introduce cryptocurrency wallet named Novi Digital Wallet on Friday.

Facebook plan crypto wallet

It also stated that the wallet would be tied to the Dien Blockchain system.

David Marcus, Facebook’s financial services chief and a board member of Diem, argued that the present cash-run economy has left 1.7 billion people “unbanked or underbanked” and still the process is extremely slow.

“Globally the state of play for cross-border payments is dramatically bad with an average cost to consumers, who can afford it the least, of 6.5% (more than double the Sustainable Development Goal of 3%) and end-to-end settlement times of three days on average.”

Marcus further said, “Change is long overdue. It’ll happen one way or another. Novi is ready to come to market. We feel that it’s unreasonable to delay delivering the benefits of cheaper, interoperable, more accessible digital payments,”

The Diem program was originally planned to launch in the first half of 2021 but it was postponed due to the constant government scrutiny of Facebook.

Originally named Libra, Diem is a stable coin that turns the money added to the digital wallet into a digital currency and makes it easy to send worldwide.

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Marcus also assured that Novi will only roll out in the countries or zones where it has already been licensed.

Facebook, as a payment platform, has already made more than $100 billion worth of transactions in 55 currencies.

Marcus also penned, trying to debunk the common cryptocurrency myths, “It’s a misconception that digital assets are by definition anonymous. Built and configured the right way, stablecoins and wallets put customer due diligence at the center of their approach to compliance.”

According to the post, the Facebook is also trying to comply with the regulators as much as possible.

“It has addressed every legitimate concern that was raised on its journey to design and build a high-quality stablecoin with extensive consumer protections, and a highly compliant payments network to support it – all within the US regulatory perimeter.”