TL;DR Breakdown
• The social network will launch a cryptocurrency under the name “Diem.”
• Facebook will launch the Novi platform before the end of the year.
The most popular social network on the internet, Facebook, is pleased to launch its first crypto wallet “Novi” and its native crypto “Diem”. The company founded by Mark Zuckerberg and other Harvard University students will enter the cryptocurrency market before the end of the year.
Cryptocurrencies like Bitcoin have taken off in price since 2020, with many North American companies looking to invest in them. Facebook has shown interest in cryptocurrencies like other social networks such as Twitter, created by Jack Dorsey.
The businessman behind the crypto proposal on Facebook, David Marcus, says that his team has continued to analyze how to enter the crypto world. As Diem co-creator, Marcus thinks the company is in the best position to enter cryptocurrency trading via Facebook.
According to the announcements, the company plans to use the non-fungible tokens within its cryptocurrency wallet. Non-Fungible or NFT tokens are data modules of value stored in a Blockchain network.
According to NFT enthusiasts, these tokens are for collectors looking to have a unique virtual product. Several companies and celebrities have benefited from the rise of NFTs, and the social network wants to join this profit system.
According to David Marcus’ opinions, the Facebook wallet is ready for launch. However, the company wants to advertise Novi and Diem cryptocurrency, formerly called “Libra.”
After its official announcement, the “Libra” plan had a poor reception; several regulators and legislators thought the token was not profitable. The Novi launch has also been affected by the internal problems facing the social network. A few months ago, Zuckerberg’s company was hounded for money laundering and theft of user data.
Facebook will benefit from the Novi crypto wallet
After all the accusations that Facebook went through, it wants to redeem itself with the users it manages. The social network has promised to create a crypto wallet that promises protection, stability, support, and transparency for US regulators to approve.
The company aims to create a cryptocurrency platform and a stablecoin that clings to the dollar’s value. However, the company wants to launch its wallet and stablecoin at different times to guarantee optimal functioning.
Marcus has stated that the Novi Wallet will be launched in the coming months and open to the public. The company hopes that users will adapt to the new cryptocurrency wallet, and also make use of the new stablecoin.
Diem token is in line to be launched in late 2021 or January 2022, although the cryptocurrency developer is said to have the last decision.
Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
