Facebook is all set to enter cryptocurrency market with its digital wallet

While there are still much divided opinions around cryptocurrency, major tech companies have been getting behind it. So it should not come as a surprise that the social media giant, Facebook is ready to throw its hat in the mix now.

Facebook is going to be launching a digital wallet that will allow users to store cryptocurrencies. This was shared by a senior company executive while talking to US media. During the interview with The Information; David Marcus, Head of Facebook’s crypto unit shared that company leaders “feel pretty committed” to launch the digital wallet called Novi this year.

Marcus added that 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’s not necessarily something that we want to do,” Marcus said.

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

Back in 2019 Facebook made the announcement that it plans to introduce a cryptocurrency that at the time was being called Libra. The project however faced regulatory resistance over concerns about security and reliability.

Later in December 2020, Libra’s name was changed to Diem and its operations were moved from Switzerland to the United States as part of a “strategic shift.”

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