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Innovation from Facebook; Cryptocurrency-linked digital wallet is coming

Şükriye Akdeniz

Aug 19, 2021

Facebook financial officer heralded digital wallet in a published memo

Facebook is preparing to add a new one to its digital innovations. The company said it is ready to market a digital wallet that will allow consumers to pay online with no transaction fees and will be tied to its own Diem cryptocurrency.
David Marcus, head of financial services at Facebook, one of the leading names in social media platforms, announced the news of the digital wallet in a note published on on Wednesday, August 18th. Marcus claimed that Facebook's digital wallet, Novi, could repair the "broken" payment infrastructure currently in the US.
“We rely on our operational ability to exceed the high compliance standards that will be demanded of us.”
Marcus said Facebook has handled $100 billion in online payments in the past years, but the company is looking to expand its digital payment services. He added that they think people will prefer free and consumer-centric services.

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