Facebook Intends to Launch Novi Wallet With Diem Crypto Network After Regulatory Approval

By Benzinga
October 20, 2021 Updated: October 20, 2021

Social media giant Facebook made an announcement about two projects, one of which many people thought had been put on hold indefinitely.

What Happened

According to a Tuesday Cointelegraph report, a Facebook spokesperson confirmed the company has not abandoned its plans to launch its Diem cryptocurrency network and intends to do it alongside the Novi digital wallet it is now testing. In fact, the anonymous informed said: “We intend to launch Novi with Diem once it receives regulatory approval and goes live.”

The news follows a recent report that Facebook is looking to hire 10,000 people in the European Union as part of a futuristic bet. The firm plans to leverage the newly acquired workforce to develop its vision of the metaverse, a digital realm where people could share experiences while being far apart leveraging augmented reality and virtual reality devices. The company’s CEO Mark Zuckerberg has gone as far as to say that he expects “people will transition from seeing [Facebook] primarily as a social media company to seeing us as a metaverse company.”

Facebook Price Action

Facebook is trading up 1.39 percent at $339.99 at market close Tuesday.

By Adrian Zmudzinski

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