By Popular social media network, Facebook on Friday announced that it would soon introduce its cryptocurrency wallet named Novi Digital Wallet.
The tech giant added that the wallet would be tied to the Diem Blockchain system.
David Marcus, Facebook’s financial services chief and a board member of Diem, argued that the present cash-run economy has left 1.7 billion people “unbanked or underbanked” and still the process is extremely slow.
“Change is long overdue. It will happen in one way or another. Novi is ready to come to market. We feel that it’s unreasonable to delay delivering the benefits of cheaper, interoperable, more accessible digital payments,” said Marcus.
The Diem programme was originally planned to launch in the first half of 2021 but it was postponed due to the constant government scrutiny of Facebook.
Originally named Libra, Diem is a stable coin that turns the money added to the digital wallet into a digital currency and makes it easy to send worldwide.
WHAT IS FACEBOOK?
Facebook is an American multinational technology company based in Menlo Park, California.
It was founded in 2004 as TheFacebook by Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes, roommates and students at Harvard College.
The company acquired Instagram in 2012, then WhatsApp and Oculus in 2014. It is one of the world’s most valuable companies and is considered one of the Big Five companies in U.S. information technology, alongside Google, Apple, Microsoft and Amazon.
The company generates substantially all of its revenue by selling advertisement placements to marketers.
WHAT ARE CRYPTO WALLETS?
A cryptocurrency wallet is a device, physical medium, program or a service which stores the public or private keys for cryptocurrency transactions.
A cryptocurrency wallet more often also offers the functionality of encrypting or signing information.
