August 14, 2022

Meta shuts down Novi crypto wallet launched six months ago

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Meta shuts down Novi crypto wallet launched six months ago

Mark Zuckerberg's company Meta (formerly Facebook), due to numerous problems, including with regulators, decided to stop supporting its own crypto wallet.

On the official website of the Novi wallet appeareda message stating that the wallet "will no longer be available for use after September 1st". The Novi team warns users to withdraw all their assets stored on the platform before this date, as they will then be unavailable.

Several Meta executives have put forwardthe idea of ​​creating a wallet in 2019. It was to be called Libra and used to maintain a single global digital currency (similar to a stablecoin). Given Meta's problems with regulators, the plan almost immediately came under increased scrutiny by multiple regulators.

This resulted in many changes to the originalplans, including rebranding Libra to Novi last October. The team, inspired by the Latin words novus (new) and via (way), defended the new name before the management. Novi is a beta wallet in partnership with Coinbase, which acts as an asset custodian and allows users to send money “as easy as messaging.”

In addition to launching the beta version of Novi, the developerspromised a stablecoin called Diem. However, the project was not completed. Several former developers have decided to relaunch it under the name Aptos and have already raised $200 million to build the blockchain.

Instead of the Novi crypto project, Mark's companyZuckerberg decided to launch a wallet for the Meta-Pay metaverse. The new wallet is a rebrand of the existing Facebook Pay system, retaining previous features and adding new ones focused on the metaverse.