Meta Platforms (formerly Facebook) has announced the end of its crypto project Novi. Users are encouraged to withdraw their funds as soon as possible. This announcement follows Meta CEO Mark Zuckerberg’s announcement of a digital wallet for the Metaverse.
Crypto Project Novi Ending
Facebook owner Meta Platforms Inc (Nasdaq: META) announced Friday that its crypto project pilot Novi is “ending soon.” According to its website.
Novi will no longer be available after September 1.
In Friday’s announcement, Meta explained that users will no longer be able to add money to their Novi accounts beginning July 21.
Additionally, both the Novi app and Novi on Whatsapp will no longer be available and users will not be able to log into their Novi accounts beginning September 1.
The company is encouraging users to withdraw their Novi balances by September 1. After that date, any remaining balance will be transferred to the bank account or debit card registered in the Novi account.
Novi to Metaverse Digital Wallet
Novi is a digital wallet that allows users to transfer money instantly and without fees using cryptocurrency, its website explains; Meta launched Novi in beta last October with Coinbase as its custody partner.
Novi’s account balances are managed in USDP, a stablecoin issued by the regulated Paxos Trust Company; Meta eventually planned to use the cryptocurrency Diem (formerly Libra) for this service. Meta planned to eventually use the cryptocurrency Diem (formerly Libra) for this service. However, the company faced multiple regulatory hurdles and ultimately scrapped this plan.In January, Silvergate Capital announced that it had acquired “intellectual property and other technology assets related to the operation of a blockchain-based payment network from the Diem Group (“Diem”).”
Meta is ramping up its Metaverse business; CEO Mark Zuckerberg said last week that the company aims to get billions of people to use Metaverse, bringing in huge revenues for Meta.
Zuckerberg also announced on June 22 that Facebook Pay will be rebranded Meta Pay. He also announced a digital wallet for Metaverse. ‘Beyond its current functionality, 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,” the Facebook co-founder elaborated.
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