Meta Platforms, formerly Facebook, has announced the completion of its Novi crypto project. Users are advised to withdraw funds as soon as possible. The announcement follows the introduction of a digital wallet for Metaverse, announced by Meta CEO Mark Zuckerberg.
End of the Crypto Novi project
Facebook owner Meta Platforms Inc. (Nasdaq: META) announced on Friday that its pilot crypto project in Novi “will be completed soon.” According to its website:
Novi will no longer be available after Sept. 1.
In an announcement on Friday, Meta explained that starting July 21, users will no longer be able to add money to their Novi accounts.
In addition, from September 1, the Novi app and Novi on Whatsapp will no longer be available and users will no longer be able to log in to their Novi accounts.
The company advises users to withdraw their Novi balances before September 1. Any remaining funds after this date will be transferred to bank accounts or debit cards listed in their accounts. in Novi.
From Novi to the Metaverse digital wallet
Novi is a digital wallet that allows users to transfer money instantly at no cost using cryptocurrency, its website explains. Meta launched Novi in beta in October with Coinbase as its custodial partner.
Novi account balances are held in USDP (pax dollar), a stablecoin issued by Paxos Trust Company, a regulated entity. Meta eventually plans to use Diem cryptocurrency, formerly Libra, for the service. However, the company faced several regulatory hurdles and eventually scrapped the plan. In January, Silvergate Capital said it had “acquired intellectual property and other technological assets related to the operation of a blockchain-based payments network from Diem Group (“ Diem ”)”.
Meta intensifies its metaverse activity. CEO Mark Zuckerberg said last week that his company aims to attract billions of people to use Metaverse, which will generate a lot of revenue for Meta.
Zuckerberg also announced on June 22 that Facebook Pay is changing its name to Meta Pay. In addition, he opened a digital wallet for the metaverse. “Beyond the existing features, we’re working on something new: a wallet for the metaverse that allows you to securely manage your identity, what you own and how you pay”, detailed by the co-founder of Facebook. .
What do you think of Meta ending the Novi crypto project? Let us know in the comments section below.
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