Meta Shuts Down Crypto Project Novi After Mark Zuckerberg Unveils Metaverse Digital Wallet – Featured Bitcoin News

Meta Platforms, formerly Facebook, has announced the end of its crypto project Novi. Users are advised to withdraw the funds as soon as possible. The announcement followed the launch of a digital wallet for the Metaverse announced by Meta CEO Mark Zuckerberg.

End of crypto project Novi

Facebook owner Meta Platforms Inc. (Nasdaq: META) announced on Friday that its Novi crypto project pilot is “ending soon.” According to his website:

Novi will no longer be available after September 1st.

In Friday’s announcement, Meta explained that starting July 21, users will no longer be able to deposit funds into their Novi accounts.

Additionally, as of September 1st, both the Novi app and Novi on WhatsApp will no longer be available and users will no longer be able to log into their Novi accounts.

The company advised users to withdraw their Novi balance before September 1st. Any remaining funds after this date will be transferred to the bank accounts or debit cards listed on their Novi accounts.

From Novi to Metaverse Digital Wallet

Novi is a digital wallet that allows users to transfer funds using cryptocurrency instantly and without fees, the site explains. Meta launched Novi in ​​beta last October with Coinbase as a custody partner.

Novi account balances are maintained in USDP (Pax Dollars), a stablecoin issued by Paxos Trust Company, a regulated entity. Meta eventually planned to use the cryptocurrency Diem, formerly Libra, for the service. However, the company faced several regulatory hurdles and eventually scrapped the plan. In January, Silvergate Capital announced that it had “acquired intellectual property and other technological assets related to the operation of a blockchain-based payment network from Diem Group (“Diem”).”

Meta has expanded its Metaverse business. CEO Mark Zuckerberg said last week that his company aims to attract billions of people to use the Metaverse, thereby generating massive revenue for Meta.

Zuckerberg also announced on June 22 that Facebook Pay would be rebranded to Meta Pay. He also presented a digital wallet for the Metaverse. “Beyond the current features, we’re working on something new: a wallet for the Metaverse that lets you securely manage your identity, what you own, and how you pay,” explained the Facebook co-founder.

What do you think of Meta terminating Novi crypto project? Let us know in the comment section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.

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