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What is Novi? Facebook’s Cryptocurrency-Based Payment System Ready For Launch

By TNP Digital Desk -
  • Updated
  • :
  • 20th August 2021,
  • 8:28 PM

Novi Digital Wallet ready to be launched by Facebook?

Facebook's Digital Currency Wallet

Facebook's Digital Currency Wallet To Be Launched Soon

Facebook’s new digital wallet called Novi is ready to be launched, according to the company’s head of financial services division, David Marcus. This latest blockchain-based payment system is set to play a vital role in fixing the global payment system. Many US states have approved the latest digital currency wallet that will enable people, and eventually, small businesses, to transfer money in a “quick and affordable way,” both domestically and internationally.

Facebook’s David Marcus in his latest blog post said that – Change is long overdue. David, joined Facebook in 2018 in order to lead the company’s blockchain efforts. He revealed that “Novi” the digital currency wallet that he oversees is ready to come to market and it is being dubbed an interoperable product.

“We feel that it’s unreasonable to delay delivering the benefits of cheaper, interoperable, more accessible digital payments,” David said, according to reports. The new digital wallet has been granted secured licenses and regulatory approval by nearly every state in the United States.

Read More: Global Crypto Asset-Management Market Will Exceed $9B by 2030: Report

What is Novi Digital Wallet?

Novi digital wallet is a product linked to Diem blockchain-based payment system. Facebook will soon launch the Novi digital wallet in the market. It is a financially regulated digital currency wallet that Facebook has developed for users, who will be able to transfer money to friends and family without any hassle. Novi will keep users’ accounts and their financial data confidential and secure, according to the official website of Novi.

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