The Linux Foundation has announced intentions to establish the OpenWallet Foundation, which would foster the development of open source software for digital wallet applications.
According to a press statement issued on Tuesday, its primary objective will be to provide a safe open-source engine that anyone with technical expertise may use to construct an interoperable wallet. While the organization will strive to establish best practices for digital wallet technology through collaboration on such code, it will not produce a wallet 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 programs that provide clients with a means to conduct daily transactions. Apple Wallet, PayPal, and Venmo are three of the most popular contemporary incarnations. In the crypto world, wallets like MetaMask and Coinbase Wallet enable users to access decentralized finance applications, view NFTs, and swap tokens.
“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, additional organizations and entities involved in the foundation’s work include Okta, Ping Identity, CVS Health, and the OpenID Foundation. Such businesses have identified a wide range of applications, ranging from healthcare to identity verification to tokenization.
This news comes on the heels of recent investments in cryptocurrency wallets. Pantera Capital recently invested $4.5 million in the Near protocol-based wallet Sender. Omni, a non-custodial wallet, raised an $11 million seed round at a $50 million valuation last week.