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Facebook pushes ahead with crypto wallet plan in bid to 'fix broken payment system'
David Hollerith·Senior Reporter
Thu, August 19, 2021, 9:35 PM
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Facebook (FB) is plowing ahead with plans to shake up the cryptocurrency-based payment system, even as the company contends with new accusations by the federal government that it is abusing its market power.

On Wednesday, David Marcus, the Facebook guru spearheading its crypto efforts, unveiled new details about Novi, the digital wallet side of the initiative he called a “challenger in the payment industry.”

In a lengthy post on Medium, Marcus revealed that Novi has secured licenses or approvals in nearly every state. It will offer free peer-to-peer payments “domestically and internationally” and earn profits from “merchant services” similar to other crypto wallets.