Facebook Announces Novi Is Ready To Launch

Facebook’s Novi digital wallet, which will allow individuals and companies to transfer funds domestically and internationally, is “ready to come to market,” David Marcus, Head of F2 (Facebook Financial), said in a Medium post on Wednesday (Aug. 18).

“After we announced Libra, we publicly committed that we would not launch Novi on Libra (now Diem) without the necessary regulatory approvals, and that we would engage with regulators, policy makers and experts as we developed our product,” Marcus said in the post. “We have stayed true to these commitments and engaged in constructive consultations with regulators and policy makers around the world.”

“In the US, we have secured licenses or approvals for Novi in nearly every state, and we will not launch anywhere we have not yet received such clearances,” Marcus said.

Marcus also noted in the post that a team at Facebook had been at work on the Novi wallet for “the past two-plus years.” He said the wallet would “enable people, and eventually small businesses, to move money around domestically and internationally in a quick and affordable way.”

Marcus said in the post that he is a Diem Association board member and that Novi is a member–in addition to other organizations.

Related: From Libra to Diem: Facebook-Backed Crypto Project Changes Name

In late 2020, Facebook’s cryptocurrency project revealed a new moniker: the Libra Association was to refer to itself as the Diem Association, after the Latin word for “day.”

Diem Networks will run the actual payments system, which will supervise a new currency known as the Diem Dollar, as reported at the time.

The Diem Association also revealed a number of top management hires at the time, including those for many important compliance and legal positions.

“We are excited to introduce Diem – a new name that signals the project’s growing maturity and independence,” Stuart Levey, CEO of the Diem Association, said in a December announcement.

See also: What The Launch Of Facebook’s Libra Means For Payments