The move comes amid a broad downturn in the cryptocurrency market and new scrutiny on stablecoins. It’s the last remnant of the Diem project, formerly known as Libra, that Facebook kicked off some years ago.
Meta plans to shutter its Novi digital wallet on Sept. 1, just eleven months after the company formerly known as Facebook debuted it, according to CNBC.
The company announced the upcoming closure on Novi’s website, informing customers that “The Novi pilot is ending soon” and will no longer be available for use after that date.
Meta said Novi users should withdraw their remaining balance on their Novi accounts before the closure date. People can either transfer their remaining balance to their bank account or withdraw the digital funds as cash where applicable, the company said.
Novi users will be unable to access their accounts after Sept. 1, which means they won’t be able to retrieve account information like their transaction history.
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The company released Novi last October in a so-called beta, or testing, version with the help of the cryptocurrency exchange Coinbase. Coinbase acted as Meta’s “custody partner” on the project, providing digital storage and security technologies to help the Novi app secure people’s funds, the crypto exchange said in October in a corporate blog post.
At the time, Meta pitched Novi as an easy way for people to send and receive money with the help of the cryptocurrency Paxos Dollar, or USDP, stablecoin. At one point, Meta planned to issue and accept the Diem cryptocurrency, which was backed by a Facebook-led association, in conjunction with the Novi wallet.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
