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Facebook Looking to Launch Novi Digital Wallet by End of 2021

Facebook Looking To Launch Novi Digital Wallet By End Of 2021

Facebook is looking to launch its digital wallet Novi by the end of 2021. According to David Marcus, “Novi is ready to come to market”. David Marcus is the co-founder of the Diem Association, as well as Facebook’s top crypto executive. 

Marcus went on to say that Facebook staff “feel pretty committed” to launching Novi by the end of this year. The digital wallet would allow its 2.8 billion users to store cryptocurrencies. 

Facebook’s Plans 

The plan is to launch both Novi and Diem at the same time. Diem is Facebook’s blockchain-based payment system. The intended outcome is for Diem to offer a stablecoin backed by the US dollar – although the launch of Diem is currently unknown as Facebook is carrying out the necessary regulatory approvals. Launching the Novi wallet without Diem is “a last resort”, Marcus says. The entrepreneur feels that both are needed to change the way people make payments. 

The whitepaper for Diem (formerly known as Libra) was put forward back in 2019, but the proposed payment system and its digital token soon encountered some issues. The firm faced regularity roadblocks and general public backlash owing to the mistrust surrounding Facebook. 

However, this isn’t deterring the company from moving forward. “I don’t think we deserve people’s trust, I think we deserve a shot at earning people’s trust,” Marcus said

According to reports, Facebook is also looking into building products and features related to non-fungible tokens (NFTs). The popularity of NFTs has risen dramatically lately, with large companies like Visa and Burberry getting involved in different capacities. 

“When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs,” Marcus said

America’s Position in the Digital Payments Race 

In an essay for Medium, David Marcus put forward his opinion on America’s need to better its payments infrastructure. “Our payments infrastructure is arguably the worst of any developed country in the world, and increasingly falling behind, while China is moving with determination and haste to build an infrastructure that will make the digital yuan a challenger to the dollar as the world’s reserve currency.” 

Pointing out that this is a key time for progression in the digital payments arena, Marcus went on to say that “America should be leading change at this crucial moment — but right now we are in the back seat, allowing countries like China to take the lead.” 

To Sum Up 

Facebook aims to improve America’s standing in the digital payments race through Novi and Diem. “We will continue to persevere and demonstrate we can be a trusted player in this industry – and one that’s bringing positive change by being in it,” Marcus concluded

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