Share this article
Linux Foundation Project Will Tackle Digital Wallet Interoperability
The OpenWallet Foundation will work with a consortium of companies and non-profits to build an open-source software engine for the creation of digital wallets.
By Brandy Betz
Updated May 11, 2023, 5:11 p.m. Published Sep 13, 2022, 3:54 p.m.
Make us preferred on Google
The Linux Foundation, a nonprofit dedicated to open-source software development, plans to form the OpenWallet Foundation (OWF), a collaborative effort to encourage the development interoperable digital wallets for a variety of use cases.
The OWF will focus on building an open-source software engine that other organizations and companies can use to develop their own interoperable digital wallets, according to the press release. OWF won’t make its own wallet and won’t offer credentials or new standards for wallet creation.
STORY CONTINUES BELOW
Dan Whiting, director of media relations and communications at the Linux Foundation, told CoinDesk, "The OWF intends to enable many use cases where digital credentials and digital assets can be stored and easily accessed by users. One potential use case could include a cryptocurrency, but that will not be the only use case that could be addressed by the OWF open source engine."
Open source is key
According to 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.”
David Treat, Global Metaverse Continuum Business Group and Blockchain lead at Accenture, added, "Universal digital wallet infrastructure will create the ability to carry tokenized identity, money and objects from place to place in the digital world. 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.”
Founded in 2000, The Linux Foundation and its projects are backed by more than 3,000 members such as tech giants Intel, Microsoft, Google and Meta Platforms. Blockchain-related members include storage platform 0Chain, Algorand and enterprise-optimized blockchain developer Casper Labs, according to the foundation’s website. The Linux Foundation is behind the popular open-source operating system Linux and Hyperledger, a nonprofit focused on the development of enterprise-grade blockchain infrastructure.
Read more: Your First Crypto Wallet: What a Crypto Wallet Is and How to Use It
UPDATE: Sept. 13, 2022, 16:20 UTC: Adds comment from Dan Whiting, director of media relations and communications at the Linux Foundation.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Solana’s new phase is ‘much more about finance,’ says Backpack CEO Armani Ferrante
The Solana ecosystem has spent the past year doubling down on a financial infrastructure, Backpack CEO Armani Ferrante told CoinDesk.
What to know:
- Solana’s latest phase looks a lot less flashy than its memecoin-fueled highs, and that may be the goal.
- Armani Ferrante, CEO of crypto exchange Backpack, told CoinDesk in an interview the Solana ecosystem has spent the past year doubling down on a more sober focus: financial infrastructure. A
- fter years of experimentation as the wider crypto industry focused on NFTs, games and social tokens, attention is now shifting back toward decentralized finance, trading and payments.
Top Stories
