Meta recently announced that it will terminate the Novi application in September 2022. The link sent to users also called on them to withdraw their money from the platform “as soon as possible”.
The company had to shelve the project due to the ongoing pressures on anti-money laundering, security vulnerabilities, consumer protection and other topics in the US. According to the statement, 21 JulyStarting from , users will lose the ability to deposit funds into their accounts. Novi‘s WhatsApp account and Novi application will also be unavailable. Once the pilot is over, users will have access to transaction history and other they will not be able to access the data.
Initially Calibra Known as Novi, it was a wallet interface for the Libra stablecoin announced in June 2019. Regulatory pressures in America have forced the stablecoin project to change course. Novi launched a money transfer pilot for crypto-based remittances in 2020. But the project never made it beyond the US and Guatemala.
Although Meta decided to disable the Novi piloting, the company did not release the technology. metaverse He said he plans to reuse it for future products, including his startup. In an emailed statement by the company, “Web3 You can expect to see more of us in the field, as these technologies can bring to people and businesses in the metaverse. we are very optimistic about the value” statements were included.
In the statement made in the past days, it was stated that Meta will bring full NFT support to social media platforms.