Facebook: Novi Digital Wallet Is ‘Ready to Come to Market’

Most states in the U.S. have approved the product.

AccessTimeIconAug 18, 2021 at 2:11 p.m. UTC
Updated Sep 14, 2021 at 1:41 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Facebook said Wednesday that the global payments system is seriously flawed and that the social media giant can fix it.

  • “Change is long overdue,” Facebook’s David Marcus wrote in a blog post.
  • Marcus, the former PayPal chief hired in 2018 to lead Facebook’s blockchain efforts, said Novi, the digital wallet subsidiary he oversees, is “ready to come to market.”
  • “We feel that it’s unreasonable to delay delivering the benefits of cheaper, interoperable, more accessible digital payments,” he wrote.
  • The blog post follows reports of the increased obstacles that Facebook's stablecoin project faces. After being introduced in June 2019, Libra ran into resistance from global regulators. The project, which was rebranded as Diem in December, has yet to launch.
  • Only offering fiat currency within Novi would still provide value, Marcus wrote, though he added: “I strongly believe if there was ever a chance to create an open, interoperable protocol for money on the internet and truly change the game for people and businesses around the world, it is now.”
  • Marcus noted that Facebook has secured licenses and approvals for Novi in nearly every state in the U.S., and said, “We will not launch anywhere we have not yet received such clearances.”


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.