The Meta Platforms project Novi is officially being shut down. Novi was a means of transferring money using Meta’s cryptocurrency digital wallet. The website published its closing date as September 1. Starting July 21, users of the platform will not be able to add money to their accounts. Novi has urged users to withdraw all their money as once the pilot ends; they will have no access to it.
The website reads, “If you have money remaining in your Novi account after the pilot ends on September 1, 2022, we’ll attempt to transfer your balance to the bank account or debit card you’ve added to Novi.”
Meta has shared a few words on the topic of Novi’s shut down. “We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles, you can expect to see more from us in the web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse.”
When did Novi launch?
The Novi pilot came out last year in October. Novi ultimately was to use Paxos Trust’s USDP stablecoin. This was to enable users from parts of the US and Guatemala to conduct transactions. Rather than a new Diem token Meta initially backed. The money was safeguarded by Coinbase Global.
When he appeared before Congress in 2019, Zuckerberg attempted to reassure the public that his business might promote the launch of Diem, then known as Libra, without regulatory approval.
The goal in mind for Diem was cheap and reasonably timed payments in the crypto world. David Marcus left last year, the head of the Novi wallet, and eventually, Diem’s assets were given away in January.
As it scaled back this effort, Meta expanded its testing to include nonfungible tokens to its sites. This is all amidst the downturn in crypto markets as well as liquidity issues in some key companies.
As Novi shuts down. This leaves Meta with no connection to cryptocurrency. However, the blockchain experience it had with Libra and Novi is worth something. According to info from Bloomberg, a spokesperson from Meta said. “We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles.” “You can expect to see more from us in the Web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse.”