Facebook has declared openly to launch its digital wallet ‘Novi’ that would let users store cryptocurrency this year.
This was revealed by a senior executive of the company during an interview with The Information news site, a US media on Wednesday.
David Marcus, head of the Facebook crypto unit, told The Information news site that the company leaders “feel pretty committed” to launch the digital wallet this year.
Marcus said he would have wished to release Novi alongside Diem, a digital currency tied to the dollar that the company is also developing, but Diem’s timing was unpredictable.
Marcus also told The Information that “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.”
“It all depends on how long it’s going to take for Diem to go live and that’s not something I’m personally looking after.”
Recall, in 2019 Facebook announced its plans to introduce a cryptocurrency that at the time was called Libra. The project though faced regulatory resistance over concerns about security and reliability.
In December 2020 the Libra changed its name to Diem and moved its operations from Switzerland to the United States as part of a “strategic shift.”
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