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.
- 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.”
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, 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.