Meta Platforms, formerly Facebook, has announced the end of the Novi crypto project. Users are advised to withdraw funds as soon as possible. The announcement follows the introduction of digital wallets for the metaverse, which was announced by Meta CEO Mark Zuckerberg.
Crypto Project Novi Ending
Owner of Facebook Meta Platforms Inc. (Nasdaq: META) announced Friday that the pilot of the Novi crypto project “will be completed.” According to the website:
Novi will no longer be available after September 1st.
In an announcement on Friday, Meta explained that starting July 21, users will no longer be able to add money back to their Novi accounts.
In addition, starting September 1, the Novi and Novi applications on Whatsapp will no longer be available and users will no longer be able to log in to Novi accounts.
The company has advised users to cancel Novi balances before September 1st. Any funds remaining after that date will be transferred to the bank account or debit card listed in the Novi account.
From Novi to the Metaverse Digital Wallet
Novi is a digital wallet that allows users to transfer money quickly at no cost using cryptocurrency, the website explains. Meta launched Novi in beta last October with Coinbase as a holding partner.
Novi’s account balance is deposited in USDP (dollar pax), a stablecoin issued by Paxos Trust Company, a regulated entity. Meta is finally planning to use it cryptocurrency Diem, formerly Libra, for service. However, the company faced several regulatory hurdles and eventually canceled the plan. In January, Silvergate Capital said has “acquired intellectual property and other technological assets related to the blockchain -based payment network from Diem Group (‘Diem’).”
Meta has improved the metaverse business. CEO Mark Zuckerberg said last week that the company aims to attract attention billion people to use the metaverse, generating massive revenue for Meta.
Zuckerberg as well declare on June 22 that Facebook Pay is rebranding to Meta Pay. In addition, they open digital wallets to the metaverse. “Beyond the current features, we’re working on something new: a wallet for the metaverse that lets you manage your identity securely, what you own, and how you pay,” the Facebook co-founder detailed.
What do you think about Meta ending the Novi crypto project? Let us know in the comments section below.
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