Meta terminates crypto project Novi after Mark Zuckerberg unveils the Metaverse digital wallet
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Meta Platforms, formerly known as Facebook, has announced the end of the Novi crypto project. Users are advised to withdraw funds as soon as possible. This announcement came after the introduction of a digital wallet to the metaverse, announced by Meta CEO Mark Zuckerberg.
Meta Platforms Inc. announced (Nasdaq: META) announced on Friday that its cryptocurrency pilot project, Novi, will end soon.
According to its website:
“Novi will not be available for use after September 1.” In an announcement on Friday, Meta explained that starting on July 21, users will no longer be able to add funds to their Novi accounts. Additionally, starting September 1, both Novi and Novi on Whatsapp will no longer be available and users will not be able to log in to their Novi accounts.
The company has advised users to withdraw their Novi balances before September 1. Any funds remaining after that date will be transferred to the bank accounts or debit cards listed on their Novi accounts. From Novi to Metaverse Digital Wallet Novi is a digital wallet that allows users to transfer money instantly without any fees using cryptocurrency, its website states.
Meta Novi launched in beta last October with Coinbase as a custodial partner. Novi account balances are held in US dollars (Pax$), a stablecoin issued by Paxos Trust, a regulated entity. Meta eventually plans to use the cryptocurrency Diem, formerly known as Libra, for the service.
However, the company ran into multiple regulatory hurdles and eventually scrapped the plan. In January, Silvergate Capital said it had “acquired intellectual property and other technology assets related to the operation of a blockchain-based payment network from Diem Group (Diem).” Meta is ramping up its work in the metaverse.
CEO Mark Zuckerberg said last week that his company aims to attract billions of people to use Metaverse, generating massive revenue for Meta. Zuckerberg also announced on June 22 that Facebook Pay would be rebranded as Meta Pay. Furthermore, he unveiled a digital wallet for the metaverse.
“In addition to existing features, we're working on something new: a wallet for the metaverse that lets you securely manage your identity, what you own, and how you pay,” the Facebook co-founder explained.
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