Facebook has been working on a digital wallet for a while, and the social media giant feels that it is ready to hit the market.
The Novi Digital wallet will soon hit the market
Facebook’s David Marcus has revealed earlier today that the Novi Digital wallet is due to hit the market anytime soon. The Novi wallet is part of the Diem digital currency project by Facebook and some other leading companies.
In a Medium post earlier today, Marcus stated that after several trials and the desire to make a better and cheaper digital wallet, the Novi is now ready to launch. Marcus said, “We feel that it’s unreasonable to delay delivering the benefits of cheaper, interoperable, more accessible digital payments.”
The former PayPal executive believes that only offering fiat currency with Novi will still be valuable. However, he feels that the digital wallet is capable of so much more. “I strongly believe if there was ever a chance to create an open, interoperable protocol for money on the internet and truly change the game for people and businesses around the world, it is now,” he added.
Novi wallet will launch in the US
Marcus pointed out that Facebook is working towards launching the Novi wallet in every state across the US. So far, the company has secured licenses to operate in nearly every state across the country.
Facebook has had a tough time with its stablecoin project. Initially called Libra, Facebook rebranded it to Diem, but continued scrutiny from regulators globally has affected the launch of the stablecoin.