Meta Platforms, formerly Facebook, has announced the end of its crypto project Novi. Users are advised to withdraw as soon as possible. The announcement follows the launch of a digital wallet for the metaverse announced by Meta CEO Mark Zuckerberg.
End of Crypto Project Novi
Facebook owner Meta Platforms Inc. (Nasdaq: META) announced on Friday that its pilot crypto project Novi is “ending soon.” According to the website:
Novi will no longer be available after September 1st.
In Friday’s announcement, Meta explained that as of July 21, users will no longer be able to add funds to their new accounts.
Additionally, from September 1, both the Novi app and Novi on Whatsapp will no longer be available and users will no longer be able to access their Novi accounts.
The company advised users to withdraw their Novi balances by early September. 1. After that date, the remaining funds will be transferred to the bank accounts or debit cards listed in their Novi accounts.
From Novi to Metaverse Digital Wallet
Novi is a digital wallet that allows users to instantly transfer money using cryptocurrency without any fees, it explains on its website. Meta launched Novi in beta last October as a storage partner with Coinbase.
Novi account balances are held in USDP (pax dollars), a stablecoin issued by Paxos Trust Company, a regulated entity. Meta planned to use it in the end cryptocurrency Diem, formerly Libra, for serv. However, the company ran into numerous regulatory hurdles and ultimately scrapped the plan. Silvergate Capital in January he said it has acquired “intellectual property and other technological assets related to the management of a blockchain-based payment network from Diem Group (“Diem”).
Meta is strengthening its metaverse business. CEO Mark Zuckerberg said last week that his company aims to attract billions of people using the metaverse, making huge profits for the Meta.
Zuckerberg too announced On June 22, Facebook Pay is rebranding to Meta Pay. Moreover, it introduced a digital wallet for the metaverse. “In addition to existing 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,” the Facebook co-founder detailed.
What do you think about Meta ending the Novi crypto project? Let us know in the comment section below.
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