Facebook plans to merge its Novi Wallet with the Diem Stablecoin

Syed AhadWeb Editor

25th Aug, 2021. 08:12 pm
Facebook

Facebook intends to use its Novi wallet to assist users interested in entering the NFT market.

Head of Facebook Financial, David Marcus, developer of the Novi wallet stated that Facebook is watching at ways to get into the NFT space.

By considering the present trend of Non-Fungible tokens, Marcus believes that Facebook is in a great position to take benefit of it. He stated that Novi Digital is “ready now”, but that they are waiting to launch in tandem with the Facebook-backed Diem digital currency.

The project is ditched due to pressure from regulators and lawmakers.

The Diem is a stablecoin backed by the US dollar that is expected to be released later this year. Regulators are still closely monitoring it, as they were with Libra.

Perhaps in order to appease these regulators, the Diem organization did publicize that it was complete to extract the Diem stablecoin after a digital dollar, in the form of a CBDC (Central Bank Digital Currency) was moved out.

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