Highlights

  • Facebook's digital wallet may allow storing NFTs
  • Novi: New digital wallet for the Diem payment system
  • Diem is a cryptocurrency developed by Facebook in 2019

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Facebook plans to launch digital wallet soon, makes room for NFTs too

Novi's website claims sending money overseas would be done as easily as sending a message.

The crypto craze is finding new ways into your pocket, social media giant Facebook is exploring the idea of digital wallet that could also store the latest fad NFTs.

In a recent interview, Facebook executive David Marcus said Facebook is looking at the number of ways to get involved in the space, as the company is working on its digital wallet Novi.

The company is planning to launch its wallet alongside its digital currency Diem, previously known as Libra. The social media giant believes Diem could reduce costly fees and lower the time it takes to send money cross-border.

Novi's website claims sending money would be done as easily as sending a message. The money added to the wallet would be converted to Diem that could be sent to anyone around the world.

Sending money overseas has always been a stressful job. However, cryptocurrencies promise to make the process easier. A World Bank study shows that the overall average costs of transmission were 6.5% in 2020, with sending money digitally costing slightly less and sending via bank transfer slightly more.

Also Watch: Crypto Crackdown: Google bans 8 fake crypto apps; here is the list

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