social media giant Meta Platforms (formerly Facebook) announced the termination of its crypto project (digital wallet) Novi. The company, which recommends users who hold money in the wallet to withdraw their money as soon as possible, announced a new project. Meta CEO Mark Zuckerberg introduced the metaverse wallet.
Meta Platforms Inc., which also owns Facebook, announced on Friday that it is piloting the crypto project. Noviannounced that it will “end soon”.
In Friday’s announcement, Meta also announced that starting July 21, users will no longer be able to add funds to their Novi accounts.
In addition, as of September 1, both the Novi application and the “Whatsapp integration” will no longer be available and users will not be able to log into their accounts.
The company advised users to withdraw their balance in the Novi wallet before September 1. The remaining money after this date will be transferred to bank accounts or debit cards listed in Novi accounts.
Metaverse Wallet Instead of Novi
Novi promoted on its website as a digital wallet that allows users to instantly transfer money using cryptocurrency at no cost. Meta launched Novi in beta last October with Coinbase.
Novi account balances were held in USDP, a stablecoin issued by the regulated organization Paxos Trust Company. Meta ultimately planned to use the cryptocurrency Diem, formerly Libra, for the service. But the company ran into multiple regulatory hurdles and eventually gave up on its plan. In January, Silvergate Capital said it acquired intellectual property and other technology assets related to operating a blockchain-based payment network from Diem Group (‘Diem’).
CEO Mark Zuckerberg last week, he stated that his company aims to encourage billions of people to use the metaverse and wants to generate a huge revenue for Meta.
Zuckerberg also announced on June 22 that Facebook Pay has been 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.
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