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Meta Ending Crypto Project Novi After Mark Zuckerberg Unveiled Metaverse Digital Wallet

Meta Ending Crypto Project Novi After Mark Zuckerberg Unveiled Metaverse Digital Wallet – Meta Platforms Inc., the company that owns Facebook (Nasdaq: META), stated on Friday that the Novi crypto project trial “is concluding soon.” On September 1, “Novi will no longer be available for use,” the company’s website states.

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On Friday, Meta announced that users would no longer be able to deposit funds into their Novi accounts as of July 21. Additionally, as of September 1, neither the Novi app nor Novi on Whatsapp will be accessible, and users won’t be able to access their Novi accounts.

Also Read: US Regulator Charges South African MTI and Its Operator With $1.7 Billion Fraud Involving Bitcoin

Users have been encouraged by the business to remove their Novi balances prior to September 1. Any cash still available after that date will be sent to the debit cards or bank accounts indicated on their Novi accounts. According to its website, Novi is a digital wallet that uses cryptocurrency to provide quick, fee-free money transfers for users. Oct. 2017 saw the beta release of Novi by Meta with Coinbase as its custody partner.

The balances of Novi accounts are held in USDP (pax dollar), a stablecoin issued by the regulated Paxos Trust Company. Diem, formerly known as Libra, was the cryptocurrency Meta eventually intended to employ for the service. 

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The business, however, ran into numerous governmental obstacles and ultimately abandoned the plan. The Diem Group (or “Diem” intellectual )’s property and other technological assets linked to operating a blockchain-based payment network were bought by Silvergate Capital, according to a statement made in January.

The metaverse business of Meta has been expanding. Last week, CEO Mark Zuckerberg stated that his organization hopes to draw billions of users to the metaverse, creating enormous money for Meta.

Also Read: Crypto Exchange Coincoinx to Launch Crypto to Fiat Payments App in Venezuela

On June 22, Zuckerberg also disclosed that Facebook Pay will change its name to Meta Pay. In addition, he introduced a metaverse-specific digital wallet. The Facebook co-founder explained, “Beyond the present features, we’re working on something new: a wallet for the metaverse that enables you securely manage your identity, what you own, and how you pay.”

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