@$61167.15 Facebook Novi Wallet: Will It Be a Gamechanger for the Crypto Industry?

This week, social network giant Facebook unveiled the pilot for its digital wallet Novi, initially targeting US and Guatemala users. For this purpose, Coinbase, a US-listed cryptocurrency exchange, was tapped by Mark Zuckerberg’s company to pilot the new Facebook product via Coinbase Custody. The news made the headlines among the crypto community and the mainstream media, which echoed the announcement as a big one.

However, the fact that an announcement crossed the wires and became a trending topic doesn’t imply that crypto enthusiasts or even lawmakers received it well. As in all the spheres, voices in favor and against Novi sparked and started to discuss unanimously around a point: privacy.

On the one hand, it’s well documented in the media that Facebook has been in the spotlight of governments because of privacy concerns on the social media platform and the way of how Zuckerberg’s company handles the users’ data.

That said, the voices against Facebook crypto wallet are concerned about how the wallet could be a decentralized product or even how it can guarantee privacy to the users. On the other hand, crypto enthusiasts in favor of Novi argued that mainstream adoption of crypto-related products and services is always positive for the industry.