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Meta Ending Crypto Project Novi After Mark Zuckerberg Unveiled Metaverse Digital Wallet – Featured Bitcoin News

Meta Platforms (formerly Facebook) has announced the end of the crypto project Novi. Users are encouraged to withdraw funds as soon as possible. This announcement followed the introduction of a digital wallet for the Metaverse announced by Meta CEO Mark Zuckerberg.

CryptoProjectNovi ending

Facebook owner MetaPlatforms Inc. (Nasdaq: META) announced on Friday that crypto project pilot Novi is “coming soon.” According to the website:

Novi will no longer be available after September 1st.

In a Friday announcement, Meta explained that after July 21st, users will not be able to add money to their Novi accounts.

In addition, after September 1st, both Novi apps and Novi on Whatsapp will no longer be available and users will not be able to log in to their Novi accounts.

The company advises users to withdraw Novi’s balance by September 1. Subsequent funds will be transferred to the bank account or debit card listed in your Novi account.

From Novi to Metaverse Digital Wallet

Novi’s website explains that Novi is a digital wallet that allows users to send money instantly using cryptocurrencies without any fees. Meta released Novi in ​​beta last October, with Coinbase as a custody partner.

The balance of your Novi account is held in USDP (pax dollars), a stablecoin issued by the regulated entity Paxos Trust Company. Meta eventually planned to use the cryptocurrency Diem (formerly Libra) for its services. However, the company faced multiple regulatory hurdles and eventually abandoned the plan. In January, Silvergate Capital said, “We acquired intellectual property and other technical assets related to the operation of the blockchain-based payment network from the Diem Group (‘Diem’).”

Meta is strengthening the Metaverse business. CEO Mark Zuckerberg said last week that his company aims to attract billions of people to the use of the Metaverse and bring huge revenue to Meta.

Zuckerberg also announced on June 22 that Facebook Pay will be rebranded to Meta Pay. In addition, he announced a digital wallet for the Metaverse. “In addition to the current features, we are working on something new. Allows you to securely manage your identity, what you own, and how you pay. A wallet for the Metaverse, “said Facebook co-founder in detail.

What do you think about Meta ending the Novi crypto project? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian student, has been an evangelist since he found Bitcoin in 2011. His interests are in Bitcoin security, open source systems, network effects, and the crossroads of economics and cryptography.

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