Facebook plans to launch digital wallet in 2021

Lahore (NUT-DESK)

Tech giant Facebook is planning to launch a digital wallet this year to allow users to store cryptocurrencies, a senior company executive said in a recent interview. David Marcus, head of Facebook´s crypto unit, told The Information news site that company leaders “feel pretty committed” to launch digital wallet Novi this year.

Marcus said he would have preferred to release Novi alongside Diem, a digital currency tied to the dollar that the company is also developing, but Diem’s timing was uncertain. “In theory, Novi could launch before Diem, but it would mean launching without Diem and that is not necessarily something that we want to do,” Marcus told The Information.

“It all depends on how long it is going to take for Diem to actually go live and that´s not something I’m personally looking after.”

In 2019, Facebook had said it planned 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 Libra changed its name to Diem and moved its operations from Switzerland to the United States as part of a “strategic shift.”