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Facebook Is All Set to Launch a Diem Blockchain-Based Payment Platform Called Novi Wallet

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by Juhi Mirza · 2 min read
Facebook Is All Set to Launch a Diem Blockchain-Based Payment Platform Called Novi Wallet
Photo: Anthony Quintano / Flickr

In a blog post published by David Marcus, he has openly stated that he believes the global payment system is flawed and needs fixing which can be facilitated by introducing Novi Wallet.

In a fresh welcoming move, social media giant Facebook’s (NASDAQ: FB) is all set to launch their own Diem blockchain-based payment platform called Novi Wallet which can facilitate crypto payments.

Facebook has stated that they have received the necessary licenses and approvals for the Novi Wallet to be launched in each US state and have further confirmed that they will not launch Novi anywhere where they have not acquired the mandatory licensing ordeals.

Facebook to Launch Diem Blockchain-Based Novi Wallet

Facebook will be utilizing the concept of Diem digital currency where users will be able to add money in their wallets which will later be converted into diem digital currency. The converted diem currency can later be transferred to anywhere in the world.

Diem, which was previously known as Libra, was formerly embroiled in several regulatory provisions and obstacles which had hindered the progress of the said concept. Libra was also associated with issues related to data privacy and money laundering. The project was supposed to be launched in 2019 but was delayed owing to such regulatory factors.

In a blog post published by David Marcus on Wednesday, Facebook’s chief of financial services division has commented that the process was long overdue and the fact that the existing global financial system needs a fresh modification just adds to the growing list of why Novi can be proven instrumental in the long run. David Marcus, who is a former president of PayPal and co-founder of Diem Consortium, has also started Novi is ready to be launched in the market and offers a cheaper, interoperable and accessible platform to conduct simplified payments.

David Marcus has also co-founded Diem Consortium, which is a non-profit organization that has been actively supervising the development of Diem stablecoin. Novi Wallet has been created to facilitate Diem digital currency which can be later sent to anywhere in the world. Marcus has also emphasized the fact that allowing the users to make payments using dollars, euros, and other fiat currencies through Novi Wallet will alone add a lot of credible value to the domain. In response to the growing and expensive payment platforms that have recently emerged, Facebook with the introduction of their Novi Wallet intends to offer a cheaper and cost-friendly platform for the users to conduct and send payments with.

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Juhi Mirza
Author Juhi Mirza

Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.

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