Meta Platforms, formerly Facebook, has announced the end of its crypto project Novi. Users are advised to withdraw the funds as soon as possible. The announcement followed the launch of a digital wallet for the Metaverse announced by Meta CEO Mark Zuckerberg.
New end of crypto project
Facebook owner Meta Platforms Inc. (Nasdaq: META) announced on Friday that its Novi crypto project pilot is “soon to end.” According to his website:
The new one will no longer be available after September 1st.
In Friday’s announcement, Meta explained that starting July 21, users will no longer be able to deposit funds into their Novi accounts.
Also, as of Sept. 1, both the Novi app and Novi on WhatsApp are no longer available and users can no longer log into their Novi accounts.
The company has advised users to withdraw their new funds before September 14th. 1. Any remaining funds after this date will be transferred to the bank accounts or debit cards listed on their new accounts.
From Novi to Metaverse Digital Wallet
Novi is a digital wallet that allows users to transfer funds using cryptocurrency instantly and without fees, the site explains. Meta launched Novi in beta last October with Coinbase as a custody partner.
New account funds are maintained in USDP (Pax Dollars), a stablecoin issued by Paxos Trust Company, a regulated entity. Meta eventually planned to use Cryptocurrency Diem, formerly Libra, for the service. However, the company faced several regulatory hurdles and eventually scrapped the plan. In January, Silvergate Capital said it had “acquired intellectual property and other technological assets related to the operation of a blockchain-based payment network from Diem Group (‘Diem’)”.
Meta has expanded its Metaverse business. CEO Mark Zuckerberg said last week that his company wants to pick up billion people to leverage the metaverse, generating massive revenue for the meta.
Zuckerberg too announced on June 22 that Facebook Pay will be renamed to Meta Pay. He also introduced a digital wallet for the Metaverse. “Beyond the current features, we’re working on something new: a wallet for the Metaverse that lets you securely manage your identity, what you own, and how you pay,” explained the Facebook co-founder.
What do you think of Meta terminating Novi crypto project? Let us know in the comment section below.
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