- The Linux Foundation, a non-profit entity dedicated to fostering innovation through open source code, has announced its intention to launch the OpenWallet Foundation.
- Its primary mission will be to develop a secure open-source engine that anybody can use to build an interoperable digital wallet.
- It’s being supported by Accenture, Okta, Ping Identity, CVS Health and the OpenID Foundation.
Its primary mission will be to develop a secure open-source engine that anybody can use — provided they have the technical expertise — to build an interoperable wallet, according to a release on Tuesday. While it will also aim to set best practices for digital wallet technology via collaboration on such code, the foundation will not develop a wallet itself or create any new standards.
“We are convinced that digital wallets will play a critical role for digital societies," said Linux Foundation executive director Jim Zemlin. "Open software is the key to interoperability and security. We are delighted to host the OpenWallet Foundation and excited for its potential.”
Digital wallets are software services that offer customers a vehicle through which they can carry out daily transactions. Some of the most popular current iterations include Apple Wallet, PayPal and Venmo. And in crypto, wallets such as MetaMask and Coinbase Wallet allow users to access decentralized finance applications, display NFTs or make token swaps.
“Universal digital wallet infrastructure will create the ability to carry tokenized identity, money and objects from place to place in the digital world," David Treat, blockchain lead at Accenture, said in the announcement. "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.”
Along with Accenture, other corporations and entities including Okta, Ping Identity, CVS Health and the OpenID Foundation are taking part in the foundation's efforts. Such companies have cited its broad use cases from healthcare to identity verification to tokenization.
This news follows recent investments in wallets in the cryptocurrency sector. Yesterday, the Near protocol-based wallet Sender received a $4.5 million investment from Pantera Capital. Last week, non-custodial wallet Omni raised an $11 million seed round at a $50 million valuation.