Linux Foundation, the leading consortium promoting open source technology, is launching a collaborative project that will support the interoperability of digital wallets.
In a new statement, the non-profit organization announces its intention to form the OpenWallet Foundation (OWF), an initiative that will engage leading companies and organizations to develop a software that anyone can use to build interoperable, secure and privacy-protecting digital wallets.
The foundation clarifies that the OWF will focus on building an open source software engine. It will not publish a wallet itself nor create new standards. The aim is to support the development of digital wallets with a range of use cases and features comparable with those of the best available wallets.
Says Linux Foundation executive director Jim Zemllin,
“We are convinced that digital wallets will play a critical role for digital societies. Open software is the key to interoperability and security. We are delighted to host the OpenWallet Foundation and excited for its potential.”
Organizations and companies that will participate in the endeavor include CVS Health, OpenID Foundation, Okta, The Open Identity Exchange, Ping Identity, Trust Over IP Foundation and Accenture.
The Linux Foundation’s move comes amid growing demand for digital wallets. In August, Robinhood CEO Vladimir Tenev announced that the number of people on the waitlist to get early access to the crypto broker’s multichain, non-custodial crypto wallet has already breached 1 million.
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