Meta to shut Novi cryptocurrency wallet in September

ByFreda D. Cuevas

Jul 4, 2022 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,


Meta Platforms Inc.’s longstanding and at instances remarkably controversial cryptocurrency undertaking is ending with the announcement July 1 that the Novi digital wallet will close on Sept. 1.

The Novi electronic wallet released with a pilot software in November with custody guidance from Coinbase Inc. Novi did not aid Meta’s proposed Diem cryptocurrency but instead introduced with only assistance for USDP, a stablecoin available by the Paxos Believe in Co.

Support for Diem was expanded to a pilot application with WhatsApp in December that permitted some customers to send and get cryptocurrency utilizing Novi within just a WhatsApp chat. The launch of WhatsApp guidance was witnessed as a stage forward in Meta’s tries to enter the cryptocurrency place, but just above six months later on, people initiatives now show up to have been in vain.

In a observe to consumers, Novi said that the means to add income to an account would conclusion commencing July 21. Novi wallet consumers are questioned to withdraw their harmony as shortly as attainable before entry is terminated on Sept. 1. Where by resources are still left in accounts after Sept. 1, Meta will try to transfer fantastic balances to a lender account or debit card if they were being additional to Novi.

Novi was at first identified as Calibra, while the stalled Diem cryptocurrency was when recognized as Libra. It was controversial when initial introduced in June 2019, with members of Congress and then U.S. President Donald Trump criticizing the product or service. One congressman even went as far as comparing Libra to the 9/11 assaults.

While Meta is now exiting the cryptocurrency enterprise, its blockchain working experience with Libra and Novi may possibly not have been a finish waste. Bloomberg noted that Meta intends to use Novi’s technological know-how in long term assignments, this sort of as in a metaverse job.

“We are currently leveraging the a long time put in on setting up abilities for Meta in general on blockchain and introducing new solutions, these kinds of as electronic collectibles,” a spokesperson for Meta explained. “You can count on to see much more from us in the Web3 place simply because we are incredibly optimistic about the value these systems can carry to persons and organizations in the metaverse.”

Impression: Meta/Novi

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