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.

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.