Linux Foundation has declared a strategy to initiate the OpenWallet Foundation. This is an endeavor to assist the advancement of open-source software associated with the use cases of digital wallets. The chief purpose of this project is to construct an open-source engine to be utilized on the behalf of everybody, keeping in view that they possess technical expertise, to establish an interoperable wallet, as per a press release on Tuesday.
Foundation Launched by Linux to Assist Open-Source Wallets
Though it will additionally target the organization of the fine practices dealing with the digital wallet-related technology through partnership on the respective code type, the focus of the foundation will not be on manufacturing a wallet or creating unique standards. Jim Zemlin – the executive director of Linux Foundation – stated that they are confident about the thing that a crucial role will be played by the digital wallets to assist digital societies.
As per him, open software count as the main thing in the case of interoperability as well as security. The executive mentioned that they are excited to establish the OpenWallet Foundation along with witnessing the potential thereof. The position of digital wallets is that of the services that provide the consumers a vehicle via which they acquire the ability to accomplish regular transfers.
A few of the most famous iterations of the present take into account Venmo, PayPal, Google Wallet, and Apple Wallet in this respect. Steady progress has been shown by digital wallets to adapt to the latest replacements such as storing the driving license in digital form on the iPhone.
The crypto wallets like Coinbase Wallet and MetaMask permit the customers to utilize the decentralized finance (DeFi) apps, carry out token swaps, or display NFTs. The universal infrastructure of the digital wallets will generate the capability to take the tokenized identity, objects, and money between the places across the digital space, as mentioned by David Treat – Accenture’s blockchain lead.
He added that a huge revolution in the business model is approaching. According to him, this changing the digital business counts as an objective to win the trust of the industry players by offering direct access to the real data present in the wallets thereof to develop considerably fine digital experiences. In addition to Accenture, there are several other platforms as well as organizations that are endeavoring to become a part of the endeavors of the foundation.
The Launch Followed by Several Wallet Investments
The respective entities take into account OpenID Foundation, CVS Health, Ping Identity, and Okta. These are the firms that have referred to the foundation’s wide array of use cases among which healthcare, identity verification, as well as tokenization would be included.
After this news surfaced, several wallet investments were witnessed in the world of cryptocurrency. Yesterday, Sender (a wallet based on Near protocol) obtained an investment of nearly $4.5M from Pantera Capital. In the previous week, Omni – a non-custodial wallet – conducted a seed round of approximately $11M. With that round, the valuation of the project surged to $50 million.
