Meta’s once-ambitious cryptocurrency project Novi to shut down


On September 1, 2022, Meta’s money-transfer service, which makes use of the business’s own cryptocurrency digital wallet, “Novi,” will be discontinued.

The Novi app and Novi on WhatsApp will stop working as of September 1, 2022, the company stated in a statement published on its website. You won’t be able to sign in or use your Novi account after the pilot ends.

Users are urged to withdraw their money as quickly as possible by the company. Additionally, it added, “Please also be informed that you will no longer be able to add money to your account starting July 21, 2022.”

The firm will assist users by processing payments to their connected bank accounts if they are unable to move funds from their Novi account after it has been shut down.

Read more: WhatsApp starts testing currency payments with Meta’s Novi wallet

Although the firm will discontinue its digital wallet services, it still has other plans for the technology.

As it works toward “creating the metaverse,” the spokesperson Lauren Dickson said that Meta will use technology “on new products, such as digital collectibles.”

In order to enter the cryptocurrency remittance market, Novi was established in October of last year. It was created to help Diem, a cryptocurrency backed by Meta, in its transactions. The regulatory agencies’ push, however, forced Meta to collaborate with Coinbase and use the Paxos stablecoin (USDP).

Diem’s assets were ultimately sold in January of this year.

A digital wallet that might help you manage and save “digital clothing, art, films, music, experiences, virtual events, and more” was another suggestion made by Meta CEO Mark Zuckerberg last month. The Metaverse Standards Forum, which Meta and a number of other companies assisted in forming, asks for industry-wide standards spanning virtual reality and augmented reality experiences. The wallet would be interoperable across various Metaverse experiences, reflecting these aspirations.

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