Meta to shut Novi cryptocurrency wallet in September

Meta Platforms Inc.’s longstanding and at periods highly controversial cryptocurrency challenge is ending with the announcement July 1 that the Novi electronic wallet will shut on Sept. 1.

The Novi electronic wallet launched with a pilot program in November with custody help from Coinbase Inc. Novi did not assistance Meta’s proposed Diem cryptocurrency but as a substitute introduced with only guidance for USDP, a stablecoin available by the Paxos Rely on Co.

Help for Diem was expanded to a pilot program with WhatsApp in December that allowed some consumers to ship and receive cryptocurrency utilizing Novi within just a WhatsApp chat. The start of WhatsApp assistance was seen as a action forward in Meta’s attempts to enter the cryptocurrency place, but just over 6 months later on, people attempts now show up to have been in vain.

In a detect to consumers, Novi said that the capacity to incorporate revenue to an account would conclude setting up July 21. Novi wallet end users are asked to withdraw their balance as soon as possible ahead of accessibility is terminated on Sept. 1. Where by cash are left in accounts right after Sept. 1, Meta will try to transfer outstanding balances to a financial institution account or debit card if they ended up added to Novi.

Novi was initially identified as Calibra, whilst the stalled Diem cryptocurrency was as soon as acknowledged as Libra. It was controversial when first announced in June 2019, with members of Congress and then U.S. President Donald Trump criticizing the merchandise. One congressman even went as considerably as comparing Libra to the 9/11 assaults.

While Meta is now exiting the cryptocurrency business enterprise, its blockchain working experience with Libra and Novi might not have been a complete squander. Bloomberg claimed that Meta intends to use Novi’s technological innovation in future projects, this kind of as in a metaverse project.

“We are previously leveraging the yrs expended on making abilities for Meta over-all on blockchain and introducing new products and solutions, this sort of as electronic collectibles,” a spokesperson for Meta stated. “You can assume to see extra from us in the Website3 place since we are pretty optimistic about the price these systems can provide to men and women and corporations in the metaverse.”

Picture: Meta/Novi

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