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


Crypto Project Novi Ending


Facebook owner Meta Platforms INC. (Nasdaq: META) proclaimed Friday that its crypto project pilot Novi “is ending soon.” according to its website: 


Novi will no longer be available for use after September 1.

In Friday’s announcement, Meta explained that beginning July 21, users can not be ready to add cash to their Novi accounts. 

In addition, starting Sept. 1, each the Novi app and Novi on Whatsapp can not be available and users won't be able to log into their Novi accounts. 

The company has advised users to withdraw their Novi balances before Sept. 1. Any remaining funds afterward date will be transferred to the bank accounts or debit cards listed on their Novi account. 

From Novi to Metaverse Digital Wallet

Novi is a digital wallet that lets users transfer cash instantly with no fees victimisation cryptocurrency, its web site explains. Meta launched Novi in beta last October with Coinbase as its custody partner.   

Novi account balances are unbroken in USDP (pax dollar), a stablecoin issued by Paxos trust company, a regulated entity. Meta ultimately planned to use cryptocurrency Diem, formerly Libra, for the service. However, the corporate faced  multiple restrictive hurdles and eventually scrapped the set up. In January, Silvergate Capital said it had “acquired intellectual property and alternative technology assets associated with running a blockchain-based payment network from the Diem cluster (‘Diem’).”  

Meta has been ramping up its metaverse business. CEO Mark Zuckerberg said last week that his company aims to draw in billions of individuals to use the metaverse, generating large revenue for Meta.  

Zuckerberg in addition announced on gregorian calendar month twenty 2 that Facebook Pay is rebranding to Meta Pay. Moreover, he disclosed a digital wallet for the metaverse. “Beyond this choices, we’re acting on one issue new: a wallet for the metaverse that helps you to firmly manage your identity, what you own, and therefore the means you pay,” the Facebook co-founder careful.

( Kevin Helms, bitcoin.com, 2022 )