Meta's cryptowallet, formerly known as Facebook, is coming to an end. It concerns the app called Novi and as of September it will cease to exist.
Novi comes to an end
The announcement comes a few days after Mark Zuckerberg announced Meta Pay. Novi was the first introduction (the then named) Facebook had to crypto currency. It was a pilot project.
The wallet's website has been revamped and it informs users that the platform and pilot will come to an end on 1 September.
This is the end of an eight-month test project. It involved users from the United States and Guatemala. The app used to be called Calibra.
https://twitter.com/The_Geeky_News/status/1544349553683582978
These testers are now asked to withdraw the remaining money from their Novi wallets and send it to their linked bank accounts. Users from Guatemala can also withdraw their funds in cash at a specially selected location in Guatemala City.
If people still want to download information, they should do so before the closing date. Think of records of transactions or other things they did on their account.
As of 1 September, people can no longer log in to the wallet. Deposits to the wallet will also be stopped as of July 21.
Diem, Libra and Facebook
The end of the Novi pilot comes some five months after Meta sold its stablecoin project Diem to Silvergate Bank. Diem, formerly known as Libra, was supposed to be the stablecoin of the Meta ecosystem.
Regulatory pressure in the United States led Meta to sell the intellectual property of Diem. They also now see no benefit in Novi's approach. Because Diem failed, they used the stablecoin Pax Dollar (USDP) for a while. They are working with Coinbase as custodial for the assets.
Meta-founder Mark Zuckerberg already has new plans. On 22 June, he announced the move from Facebook Pay to Meta Pay to his followers on his Facebook profile. The features will remain largely unchanged, apart from the introduction of a digital wallet for the Meta payer.
According to the top man, this is a feature "that allows you to securely manage your identity, what you own and how you pay."
https://www.indexuniverse.eu/meta-stops-cryptowallet-novi/
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