Meta to shut down crypto wallet Novi by September

Madhu Balaji | | Updated on: Jul 04, 2022
Meta is shutting down its Novi crypto wallet

Meta is shutting down its Novi crypto wallet | Photo Credit: BENOIT TESSIER

Meta debuted Novi project in October 2021

Meta’s money-transfer service that uses its cryptocurrency digital wallet — Novi pilot — is shutting down on September 1, 2022. According to reports, both the Novi app and Novi on WhatsApp will not be available.

Users will not be able to add money to Novi from July 21, 2022, and will lose access to accounts from September. Meta will reportedly attempt to transfer funds to a bank account or a debit card added to the wallet if an individual fails to withdraw the balance.

Meta launched the Novi pilot in October 2021. According to The Verge, Novi was developed to support fast and free transactions using the Meta-backed crypto, Diem. The US Senate directed Meta to shut down its Novi project, citing that it cannot be trusted to manage cryptocurrency.

Meta spokesperson Lauren Dickson wrote an email to The Verge that the company will use the technology with new products, including digital collectibles. The company has already begun testing NFTs on Instagram and has rolled out support for NFTs on Facebook for select creators in the US. Reportedly, Meta is also working on a digital currency — Zuck Bucks.

Published on July 04, 2022
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