Facebook's Crypto Wallet Is Ready for the Market, But Is the Market Ready for Novi?

Facebook Diem co-creator David Marcus announced today that Novi, Facebook's long-gestating cryptocurrency wallet, "is ready to come to market."

The pronouncement came at the end of a lengthy blog post, rather than with the fanfare that accompanied Facebook's initial announcement in June 2019 that it was creating a digital currency backed by a basket of fiat currencies and managed by some of the biggest names in finance and technology.

Facebook's project began as Libra, a digital currency that could be sent via the Calibra wallet. The goal wasn't a stablecoin that mimicked the dollar's price; the goal was to create a new global currency. Though the asset was to be managed at first by Libra Association members, over time, it planned to decentralize, just as other crypto projects have done.

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