Meta Platforms, formerly Facebook, has announced the end of its Novi crypto project. Users are advised to withdraw funds as soon as possible. The announcement followed the introduction of a digital wallet for the metaverse, announced by Meta CEO Mark Zuckerberg.
Completion of the Novi crypto project
Facebook owner Meta Platforms Inc. (Nasdaq: META) announced on Friday that its Novi crypto pilot project “will end soon.” According to his website:
Novi will no longer be available for use after September 1.
In Friday’s announcement, Meta explained that as of July 21, users will no longer be able to add money to their Novi accounts.
Also, from September. 1, both the Novi app and Novi on Whatsapp will no longer be available and users will not be able to log in to their Novi accounts.
The company has advised users to withdraw their Novi balances before September 1. 1. Any funds remaining after that date will be transferred to the bank accounts or debit cards listed in your Novi accounts.
From Novi to Metaverse Digital Wallet
Novi is a digital wallet that allows users to instantly transfer money without fees using cryptocurrencies, its website explains. Meta launched Novi in beta last October with Coinbase as its custody partner.
Novi account balances are held in USDP (dollar pax), a stable currency issued by Paxos Trust Company, a regulated entity. Meta finally planned to use diem cryptocurrency, formerly Libra, for the service. However, the company faced multiple regulatory hurdles and ultimately scrapped the plan. January, Silvergate Capital said had “acquired intellectual property and other technological assets related to the operation of a blockchain-based payment network from Grupo Diem (‘Diem’)”.
Meta has been increasing its metaverse business. Chief Executive Officer Mark Zuckerberg said last week that his company aims to attract billions of people to use the metaverse, generating massive revenue for Meta.
Zuckerberg too Announced on June 22 that Facebook Pay will change its name to Meta Pay. In addition, he introduced a digital wallet for the metaverse. “Beyond the current features, we are working on something new: a wallet for the metaverse that allows you to securely manage your identity, what you own and how you pay”, detailed the co-founder of Facebook.
What do you think about Meta ending the Novi crypto project? Let us know in the comments section.
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