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27-08-2021|Business

This year, Facebook could launch a digital wallet to store cryptocurrency : Report

A senior Facebook executive said in a US media interview Wednesday that the firm is preparing to develop a digital wallet that will allow users to hold cryptocurrencies.

David Marcus, the head of Facebook's crypto unit, told the company's leaders "feel quite committed" to launching the Novi digital wallet this year.

Marcus said he would have hoped to release Novi alongside Diem, the company's digital currency tied to the dollar, but Diem's release date remained uncertain.

"In theory, Novi could debut before Diem," Marcus told The Information, "but it would mean launching without Diem, which isn't something we want to do."

"It all depends on how long it takes for Diem to actually  go live, which isn't anything I'm particularly concerned about."

Facebook stated in 2019 that its plans are for a cryptocurrency called Libra at the time. However, the project faced regulatory resistance to safety and trustworthiness concerns.

The Libra changed its name to Diem in December 2020 and moved operations as part of a "strategic shift" from Switzerland to United States.

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