Facebook is preparing to launch a digital vault Novi that will allow users to deposit cryptocurrencies.

David Marks, head of Facebook’s crypto unit, said in an interview that senior company officials are determined to launch a digital vault called Novi this year.

Marx said he prefers to issue a digital currency linked to the DIM dollar, which is being developed by the company, but the timing of the DIM is uncertain.

In 2019, Facebook said it intended to introduce a cryptocurrency, then called Libra, but the project faced regulatory resistance over security and credibility concerns.

In December 2020, Libra changed its name to Dime and moved from Switzerland to the United States as part of a strategic shift.

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