Meta will close the Novi digital wallet

Meta Corporation abandoned the full-scale launch of the Novi digital wallet and announced the closure of the projectafter completion of pilot testing on September 1, 2022.

Starting July 21, users will no longer be able toreplenish balances, and in September the Novi application and the service of the same name in WhatsApp will stop working. Account owners were advised to withdraw assets on their own.

“If you have money left in your Novi account afterclose of the pilot project, we will attempt to transfer your funds to the bank account or debit card that you have linked to your account,” the statement said.

After closing the project, users alsowill lose access to data about their transactions, so Meta advised to upload this information through the appropriate option in the digital wallet settings. 

According to CoinDesk, the corporation intends to use Novi-related developments in future projects, including metaverse-oriented initiatives. 

Meta’s (at that time Facebook) plans to release its own cryptocurrency became known in 2018.

In mid-June 2019, the corporation announced the launch of the global stablecoin Libra.

A non-profit organization, Libra Association, was created to manage the payment network. Among its members were Visa, Mastercard, PayPal, Uber, Spotify, Andreessen Horowitz and Coinbase.

The project worried regulators, and in July hearings on it were held in the US Senate Banking Committee. 

In October it became known that payment firmsVisa, Mastercard, PayPal and Stripe are in no hurry to sign official documents on participation in the Libra Association due to regulatory problems. Then they left the project.

In 2020, the corporation abandoned the originalconcept and renamed the digital wallet from Calibra to Novi, and the stablecoin itself to Diem. The consortium behind the project has changed its name to the Diem Association.

Despite numerous announcements, the launch of the project never took place.

Let us recall that in January 2022, the Diem Association announced the sale of intellectual property and other assets related to stablecoin management to Silvergate Capital Corporation.

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