The crypto market seems to be recovering following some drops in prices. In the crypto space, there are all kinds of bullish moves taking place these days.
Facebook is part of the latest exciting moves that are going to make the crypto space pop up all over the headlines again.
It’s been just reported that Facebook is getting ready to launch a digital wallet that would let users store cryptos – this is what one of the company’s top execs says.
Facebook to launch Novi
As The Daily Mail noted, the head of Facebook Financial, David Marcus, told The Information the platform ‘feel pretty committed’ to launching its digital wallet, known as Novi. This is supposed to happen by the end of 2021.
Marcus said he’d prefer to release Novi alongside Diem – this is a form of digital currency Facebook is working on called a stablecoin, which would be tied to the U.S. dollar.
It’s important to note the fact that Diem’s launch, however, is still up in the air.
This week, Marcus told Bloomberg Television that the US was already falling behind China “at an alarming rate,” regarding the acceptance of digital currencies.
Allowing Facebook’s 2.9 billion users access to the $2 trillion crypto market could be a game-changer, according to what he had to say.
Here’s what he said in a recent blog post:
“When it comes to anti-money laundering, counter-terrorist financing, sanctions and tax compliance — well-designed stablecoins and their ecosystem of wallets have the potential to improve upon the traditional implementation of those controls.”
He continued and said the following:
“Built and configured the right way, stablecoins and wallets put customer due diligence at the center of their approach to compliance.”
Make sure to check out the complete post in order to learn all the available details.
Stay tuned for more relevant news from the crypto space.