Facebook is preparing to launch a new digital wallet known as Novi alongside the company’s Diem cryptocurrency by the end of this year.
“We’re definitely looking at the number of ways to get involved in the space because we think we’re in a really good position to do so,” Facebook executive David Marcus said Tuesday in an interview on Bloomberg Television.
The company is reportedly thinking of including NFT features in its digital wallet, Bloomberg reported. An NFT, or non-fungible token, is a unit of data stored on a blockchain and can be used to represent any digital items. NFTs are one of the biggest developments in the crypto space, according to BeInCrypto, which have led to established projects launching their own NFTs, including celebrities and companies outside of the industry.
Facebook’s digital wallet is “ready now,” according to Marcus, but the company has been waiting to launch it with Diem, the digital currency previously known as Libra, reports Bloomberg.
The Libra project received a mostly negative response from lawmakers and regulators, as well as consumers. In addition, Facebook’s regulatory issues with data privacy and alleged money laundering connections have delayed the launch of the rebranded platform, according to Business Insider. Neither seems to be of concern at this point in the launch.
“[Facebook] 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,” Marcus shared.
Facebook plans for Diem to offer a so-called stablecoin backed by the U.S. dollar, but it’s unclear when the coin will be introduced. Marcus told Bloomberg that Facebook would consider launching the Novi wallet without Diem “as a last resort.” The company hopes that people will use the digital wallet to transfer Diem, which could reduce fees and reduce the time it takes to send money.
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