Facebook’s Novi Stablecoin Wallet Is Ready For The Market: Report

Facebook’s Novi stablecoin wallet is now ready for the market as the company has worked on it for a few years now and it is finally ready to release it so let’s read more in today’s Facebook Libra news.

Facebook first announced the crypto project in June 2019 and it then pivoted from plans for a global currency to a US stabelcoin. Now, Facebook’s Novi stablecoin wallet is nearing its release. Facebook’s Diem co-creator David Marcus announced that Novi is a long-preparing cryptocurrency wallet that is now ready to come to the market. The pronouncement came at the end of the blog post released recently after the initial announcement in 2019 which said Facebook is creating a digital currency backed by fiat currencies and managed by some of the biggest names in finance. Novi- originally Calibra, found itself limping in a rebranded crypto market than the one that existed two years ago.

Facebook’s project started off as Libra, a digital currency that could be sent via the Calibra wallet. The goal here was not to copycat the dollar in the form of stablecoin but to create a new global currency. The asset was to be managed by the Libra Association members but then it planned to decentralized over time, just like many other crypto projects. Libra shifted gears and aimed to become a traditional stablecoin.
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Instead of being the new Bitcoin, it would become a regulated version of USDC or Tether. Calibra would become a stablecoin wallet integrated with the biggest social media in the world. The next month, Calibra switched its name to Novi.

Throughout, the project saw some partners quitting among them eBay, Mastercard, Stripe, and Visa after fAcebook faced tough questions from the regulators. Major names like venture capital companies such as Andreessen Horowitz, Coinbase, Lyft, and Uber remained part of the Association. When Facebook floated the Libra Coin in 2019, after a few years of rumors that it was working on it, Tether was the number one stablecoin with a market cap of $3.5 billion. It is still number one but with a market cap of $64 billion. USDC, co-created by Diem association member coinbase, is at second place with $27.5 billion.

Facebook beat other rivals before and overcame Friendster and MySpace to become the biggest social network in the world. This gave a boost to innovators because it meant it can just buy them just as it did with Instagram, Whatsapp, and other companies. There’s room for Novi and Diem to become relevant and Marcus explained the game plan:

“We’re a challenger in the payments industry, and we will offer free person-to-person payments domestically and internationally for people using the Novi wallet. We trust that people will prefer a service that is cost free and more convenient to ones that are significantly more expensive and not consumer-centric.”