Meta Platforms, formerly Facebook, has announced the end of crypto project Novi. Users are advised to withdraw funds as soon as possible. The announcement followed the introduction of a digital wallet for the metaverse announced by Meta CEO Mark Zuckerberg.
Crypto Project Novi Ends
Facebook owner Meta Platforms Inc. (Nasdaq: META) announced on Friday that crypto project pilot Novi will be “ending soon.” According to the website:
Novi will no longer be available after September 1st.
In Friday’s announcement, Meta announced that starting July 21, users will no longer be able to add funds to their Novi accounts.
In addition, starting from September, on January 1, both the Novi application and Novi on Whatsapp will no longer be available and users will not be able to log in to their Novi accounts.
The company advised users to withdraw their Novi balance before September. 1. Money remaining after this date will be transferred to bank accounts or debit cards listed in Novi accounts.
Novi to Metaverse Digital Wallet
Novi explains on its website that it is a digital wallet that allows users to instantly transfer money using cryptocurrency at no cost. Meta launched Novi in beta last October with Coinbase as its custody partner.
Novi account balances are held in USDP (person dollars), a stablecoin issued by Paxos Trust Company, a regulated entity. Meta finally planned to use death cryptocurrency, old Libra, for service. However, the company ran into multiple regulatory hurdles and eventually shelved the plan. Silvergate Capital in January aforementioned Acquired intellectual property and other technology assets related to running a blockchain-based payment network from Diem Group (‘Diem’).
Meta is accelerating the metaverse business. CEO Mark Zuckerberg said last week he’s aiming to pull his company out. billions of people Using Metadata warehouse, generating big income for Meta.
at Zuckerberg announced On June 22, Facebook Pay is rebranded as Meta Pay. It also introduced a digital wallet for the metaverse. “Beyond existing features, we’re working on something new: a wallet for metadata storage that lets you securely manage your identity, what you own and how you pay,” said the Facebook co-founder.
What do you think about Meta ending the Novi crypto project? Let us know in the comments section below.
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