Linux launches OpenWallet Foundation to support crypto adoption

A nonprofit organization Linux announced the launch of OWF, to bring a high degree of interpretability to digital wallets.

 Linux Foundation is a non-profit tech foundation, which was founded around 20 years ago as a merger between two groups, namely  Open Source Development Labs and the Free Standards Group to standardize Linux. The main focus of this foundation is to support its growth, and promote its commercial adoption of open source concept-based software projects.

On 13 September, Linux Foundation announced the launch of another foundation OpenWallet Foundation (OWF). The new foundation aimed to provide a better ecosystem for the development of open-source software wallets to support the interoperability of digital wallets; software designed to send, receive, store and monitor crypto assets.

This digital asset supportive foundation came into origin because of the collaborative support of the companies, the public sector & stakeholders of the crypto space. 

This initiative is going to help all those developers of the digital sectors, who want to create secure & safe digital wallets with multiple features with better interpretability than other wallets.

The executive director of the Linux Foundation, Jim Zemlin, said that the foundation agrees that digital innovations in the blockchain ecosystem may play important roles in the digital world.

Further added:

“Open software is the key to interoperability and security. We are delighted to host the OpenWallet Foundation and excited for its potential.”

A member of the foundation, Accenture’s David Treat, said that the universal digital wallet ecosystem will build the potential to carry tokenized identity, digital money, and digital items from place to place in the digital world. David indirectly talked about the Cryptocurrencies with NFTs store ability-based wallets. 

Further, David Treat added:

“Massive business model change is coming, and the winning digital business will be the one that earns trust to directly access the real data in our wallets to create much better digital experiences.”

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