Could Novi be the next big thing for Facebook?

Could Novi be the next big thing for Facebook?

With significant change and technological development around the world, the process of transferring funds between individuals faster seems to remain the main concern of Facebook.

According to Facebook, Calibra’s digital wallet has been rebranded to Novi, which contains developments that will make sending money around the world as easy as to send messages.

The a new digital wallet where users will be able to access the wallet to send money on Messenger and WhatsApp, as well as in a stand-alone application.

According to David Marcus, who was originally president of Calibra and the Libra Society and became president of Novi: "Novi Financial's first product is Libra's digital wallet, a new payment system based on innovative blockchain technology”.

"Novi's vision is a compelling one that embodies the dream of many in the cryptocurrency industry and blockchain in supporting non-banking customers," Marcus said. "There will be no hidden fees to add, send, receive or withdraw money and your transfers will arrive immediately."

This new tool may be Facebook's new approach to overcoming the regulatory pressures the company has faced since its announcement of libra.

Novi Financial will allow that instead of a global stable currency, Facebook could become the world's largest retail bank with a digital wallet built into its very large user base.

The rise of Theta token

In a separate context, the digital currency owned by the decentralized video broadcast network, Theta, also called by the same name, has risen by more than 1,000% of its value since the big fall in the digital currency market in March.

This accompanying rise comes amid numerous rumors about a partnership with Google, that partnership, if completed, will support the decentralized video infrastructure of Theta Labs and the business model, with Google launching its cloud game service Stadia recently.

Not to mention, the earlier announcement that will be included in future Samsung Galaxy phones with the software expected to be added to about 75 million existing devices.

This is a huge step towards our goal of making theta a global infrastructure for video content and data delivery, according to co-founder and CEO Theta Labs Mitch Liu at the time.

Moreover, the total cryptocurrency market capitalization increased from $246.3 billion on Tuesday to $255.4 billion today, while the trading volume decreased from $109.6 billion to $98.5 billion, according to CoinMarketCap.

The Bitcoin advanced 3.81 percent to trade at $9,148, Ethereum saw a 2.58 percent surge to $207 and Ripple ascended 2.63 percent to $0.20.

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