The OpenWallet Foundation (OWF), a new joint project to produce open-source software to facilitate compatibility for a wide range of wallet use cases, is <a href="https://www.linuxfoundation.org/press-release/linux-foundation-announces-intent-to-form-openwallet-foundation/" target="_blank" rel="nofollow noopener">launched today</a> by the Linux Foundation, a global non-profit organization that fosters innovation via open source. Leading businesses in the technology, public sector, and industrial vertical divisions, as well as standards bodies, have already lent their support to the project.
<h2>Mission Of The OpenWallet Foundation (OWF)</h2>
The goal of the OpenWallet Foundation is to create an open-source engine that is safe, versatile, and that anybody can use to build interoperable <a href="https://www.cryptoknowmics.com/news/can-you-use-ewallets-to-transfer-cryptocurrency/" target="_blank" rel="noopener">wallets</a>. By working together on open source code, the OWF wants to establish best practices for digital wallet technology that can be used as a beginning point by anybody seeking to create interoperable, safe, and privacy-protecting wallets.

The OWF does not aim to release a wallet on its own, provide credentials, or establish any new standards. The community's efforts will be directed toward developing an open-source software platform that other businesses and organizations may use to create their digital wallets. The wallets will enable a wide range of use cases, including identities, payments, and digital keys, and seek to reach feature equality with the top wallets already on the market.

Jim Zemlin, executive director of the Linux Foundation, stated,
<blockquote><em>"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."</em></blockquote>
<h2>Digital Wallets - Means Of Conducting Transactions</h2>
Digital wallets are software applications that give users a means of conducting transactions. Apple Wallet, PayPal, and Venmo are some of the most widely used modern variants. Additionally, users of cryptocurrency wallets like <a href="https://www.cryptoknowmics.com/news/metamask-co-founders-putting-life-savings-in-crypto-is-dangerous/" target="_blank" rel="noopener">MetaMask</a> and Coinbase Wallet may access decentralized financial applications, see <a href="https://www.cryptoknowmics.com/news/100-nfts-will-be-issued-to-commemorate-digift-debut/" target="_blank" rel="noopener">NFTs</a>, and conduct token exchanges.

Linux Establishes Foundation to Promote Creation of Open Source Wallets

OWF, a new joint project to produce open-source software to facilitate compatibility for a wide range of wallet use cases, is launched by Linux Foundation.

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Linux Establishes Foundation to Promote Creation of Open Source Wallets

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