Facebook is ready to enter cryptocurrency market with its digital wallet


While there are still many divided opinions around cryptocurrency, large technology firms have been behind it. Not surprisingly, the social media giant, Facebook, is ready to get started now.

Facebook will launch a digital portfolio that will allow users to stock cryptocurrencies. This was shared by an executive of the company while talking to the American media. During the interview with The Information; David Marcus, Head of Facebook’s cryptographic unit shared that the company’s executives “feel very engaged” to launch the digital portfolio called Novi this year.

Marcus said he would have preferred to take out Novi alongside Diem, a digital currency linked to the dollar as the company is also developing, but the timing of Diem was uncertain.

“In theory, Novi could pitch before Diem, but you’d have to throw without Diem and it’s not necessarily something we want to do,” Marcus said.

“It depends on how long it takes Diem to get on the ground, and it’s not something I deal with personally.”

In 2019, Facebook announced its intention to introduce a cryptocurrency known as Libra. The project did, however, face regulatory resistance to safety and reliability concerns.

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

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