The head of Facebook’s crypto unit, David Marcus, informed news reporters at The Information that the social media giant’s leaders are entirely committed to launching the digital wallet known as Novi before the end of 2021.
Facebook could launch digital wallet: report https://t.co/Zh9Pm7Q7ib
— eNCA (@eNCA) August 26, 2021
Marcus also said that he would have preferred to release Novi together with the Diem, a digital currency that is pegged to the dollar that Facebook is also developing. Nonetheless, that was not feasible since Diem’s timing was quite uncertain. Marcus said:
“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 actually go live and that’s not something I’m personally looking after.”
Back in 2019, Facebook unleashed its plans to introduce a crypto that at the time was known as Libra. However, the project faced massive regulatory resistance from regulators around the world over fears about its security and reliability.
In December last year, the social media giant company changed the cryptocurrency’s name to Diem and then shifted its operations from Switzerland to the US as part of a “strategic shift.” What happens next?