Facebook may launch digital wallet this year before own stablecoin: crypto wrap

Facebook may launch digital wallet this year before own stablecoin: crypto wrap
Facebook initially planned to launch a digital currency called Libra, but changed the named to Diem in December 2020. (Reuters)
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Updated 28 August 2021

Facebook may launch digital wallet this year before own stablecoin: crypto wrap

Facebook may launch digital wallet this year before own stablecoin: crypto wrap
  • Facebook eadership “feel pretty committed” to launch the digital wallet called Novi this year

LONDON: Facebook is ready to launch a digital wallet that would let users store cryptocurrencies, even as it is yet to set a date for the release of its own cryptocurrency, a senior company executive said.

David Marcus, head of Facebook’s crypto unit, told The Information news site that the company’s leadership “feel pretty committed” to launch the digital wallet called Novi this year.

He would ideally like to launch the digital wallet, Novi, at the same time as Facebook’s own digital currency, a stablecoin called Diem that will be tied to the value of the dollar, but he could not be sure when that will happen, he said.

“In theory, Novi could launch before Diem, but it would mean launching without Diem and that’s not necessarily something that we want to do,” Marcus said. “It all depends on how long it’s going to take for Diem to actually go live and that’s not something I’m personally looking after.”

Facebook first announced plans to launch a digital currency called Libra in 2019, but moved the project from Switzerland to the US in December 2020 and changed its name to Diem following regulatory pushback and technical concerns.

BACKGROUND

Facebook first announced plans to launch a digital currency called Libra in 2019, but moved the project from Switzerland to the US in December 2020 and changed its name to Diem following regulatory pushback and technical concerns.

Cuba’s government said Thursday it will recognize, and regulate, cryptocurrencies for payments on the island.

A resolution published in the Official Gazette said the central bank will set rules for digital currencies and determine how to license providers of related services within Cuba.

The popularity of such currencies has grown among a technologically savvy group in Cuba as it has become harder to use dollars, in part because of toughened embargo rules imposed under former President Donald Trump.

The resolution says the central bank can authorize use of cryptocurrencies “for reasons of socioeconomic interest” but with the state assuring that their operations are controlled. It also explicitly noted that operations could not involve illegal activities.

In crypto markets on Friday, bitcoin traded marginally higher, gaining 0.2 percent to $47,116.51 at 4:20 p.m. Riyadh time. Ethereum climbed 1.3 percent to $3,138.02 as a report from blockchain analytics firm IntoTheBlock showed its daily issuance fell below blockchain’s for the first time on record.

Ethereum Improvement Proposal (EIP) 1559, which went live on Aug. 5, burns a portion of fees paid to the miners, removing a sizeable number of coins from circulation. Since activation, the upgrade has eliminated over 100,000 ETH, or 36 percent of the new coins issued over the same period, according to Etherchain.


Toyota's global output sinks 26% in October due to parts shortages

Toyota's global output sinks 26% in October due to parts shortages
Updated 13 sec ago

Toyota's global output sinks 26% in October due to parts shortages

Toyota's global output sinks 26% in October due to parts shortages

CAIRO: Toyota Motor Corp.’s global output sank by 26 percent in October compared to the same month last year, due to a shortage of parts and semiconductors.

The Japanese automaker said on Monday that it produced 627,452 vehicles in October, down from 845,107 units a year earlier, Bloomberg reported.

Meanwhile, Toyota's global sales fell 20.1 percent to 677,564 units. 

Toyota and other carmakers have been forced to curb production in response to the global chip droughts and other parts shortages.

These have been caused by factory shutdowns in Southeast Asia triggered by surging coronavirus cases.


Saudi Ports Authority plans to increase private sector contributions to developments to 90%: CEO

Saudi Ports Authority plans to increase private sector contributions to developments to 90%: CEO
Updated 19 min 23 sec ago

Saudi Ports Authority plans to increase private sector contributions to developments to 90%: CEO

Saudi Ports Authority plans to increase private sector contributions to developments to 90%: CEO

Saudi Ports Authority, known as MAWANI, aims to drive up the contributions of the private sector to the development of ports in the Kingdom to 90 percent by 2030, Argaam reported citing the company’s CEO. 

Omar bin Talal Hariri stated the most prominent investment opportunities involve outsourcing, operating contracts for general freight, containers, and livestock and passenger transport.

Earlier in an interview for the Summer 2021 Investment Summary report, the CEO said the authority is raising port capacity to over 40 million containers by 2030. 

He added that MAWANI seeks to adopt modern technologies and smart solutions to achieve globally competitive ports and to support supply chains.


BP plans large-scale green hydrogen project in UK

BP plans large-scale green hydrogen project in UK
Image: Shutterstock
Updated 40 min 39 sec ago

BP plans large-scale green hydrogen project in UK

BP plans large-scale green hydrogen project in UK
  • The British government is targeting 5 GW (gigawatts) of low-carbon hydrogen production by 2030 to replace natural gas

BP said on Monday it plans to set up a large-scale green hydrogen production plant in northeast England, generated with wind, water and solar energy to aid Britain’s move away from fossil fuels.


The project, dubbed HyGreen Teesside, aims to produce 60 MWe (megawatt electrical input) of so-called “green” hydrogen, which is derived from renewable sources, by 2025, BP said.


Along with its previously announced “blue” hydrogen project, which is produced from natural gas, the two Teesside plants have the potential to deliver 30 percent of Britain’s ‎‎2030 target for hydrogen production, BP said. 


Governments and energy companies are betting on clean hydrogen playing a leading role in efforts to lower greenhouse gas emissions, but its future uses and costs are highly uncertain.


The British government is targeting 5 GW (gigawatts) of low-carbon hydrogen production by 2030 to replace natural gas in powering around three million homes, as well as industry and transport.


A global coalition of industrial companies this month boosted a target for emissions-cutting green hydrogen at the COP26 climate talks in Glasgow earlier this month.


The HyGreen Teesside project, to be developed in multiple stages, could deliver up to 500Mwe of hydrogen production ‎by 2030, the London-listed company said.


“This is excellent news following the recent COP26 summit and I look forward to supporting industry ‎to develop new technologies as we build a cleaner transport system and work toward a net-zero ‎future,” UK Transport Secretary Grant Shapps said.‎


BP is targeting to start production by 2025 and said the final investment decision on the ‎project is expected in 2023.


OPEC+ has postponed JMMC meeting to discuss new COVID strain: Russia's Novak

OPEC+ has postponed JMMC meeting to discuss new COVID strain: Russia's Novak
Image: Shutterstock
Updated 54 min 12 sec ago

OPEC+ has postponed JMMC meeting to discuss new COVID strain: Russia's Novak

OPEC+ has postponed JMMC meeting to discuss new COVID strain: Russia's Novak

OPEC+ has postponed its Joint Ministerial Monitoring Committee (JMMC) meeting in order to assess the new Omicron strain of COVID-19, Russia's Deputy Prime Minister Alexander Novak said on Monday.


Originally scheduled for November 30, the JMMC online meeting will now be held on Dec. 2, the same day as the main OPEC+ ministerial meeting.


Novak said OPEC+ countries would discuss the market situation and whether any action is necessary.


Earlier on Monday he said there was no need for urgent measures. 


Group Five debuts on Nomu

Group Five debuts on Nomu
Updated 59 min 48 sec ago

Group Five debuts on Nomu

Group Five debuts on Nomu

RIYADH: Shares of Group Five Pipe Saudi will begin trading on the parallel market Nomu on Monday, Nov. 29.

The stock will have a ± 30 percent daily price fluctuation limit and ± 10 percent static price fluctuation limit.

On Sept. 29, the Capital Market Authority approved the company's request to list a 10 percent stake, or 2.8 million shares.

The company's initial price offering was successfully closed on Nov. 18 with the final offer price set at SR35 ($9.33) per share. The IPO was 1,208 percent oversubscribed by qualified investors.