American multinational technology company Facebook is working on a digital wallet that will let users store cryptocurrencies, a senior company executive told journalists in an interview Wednesday.
David Marcus who is the head of Facebook’s crypto unit, told The Information news site that company leaders “feel pretty committed” to launch the digital wallet called Novi this year.
Novi is a Facebook subsidiary rebranded from Calibra that has been creating a digital wallet to allow Facebook users to hold the Diem currency.
According to Marcus, Novi would have been released alongside Diem, a digital currency tied to the dollar that the company is also developing, but Diem’s timing was uncertain.
“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,” Marcus stated.
“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 wanted to introduce its own cryptocurrency that at the time was called Libra. The project, however, came under fire for its close association with the social media network, which has faced multiple privacy scandals.
In December 2020 Facebook renamed Libra to Diem and moved its operations from Switzerland to the United States as part of a ‘strategic shift’.