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The demise of the cryptocurrency project Novi has been revealed by Meta Platforms, previously Facebook. It is suggested that users remove money as quickly as feasible. The disclosure came after Meta CEO Mark Zuckerberg revealed the launch of a digital wallet for the metaverse.
End of the Crypto Project Novi
After Mark Zuckerberg unveiled the Metaverse Digital Wallet, Meta ended its cryptocurrency project Novi.
End of the Crypto Project Novi
Meta Platforms Inc., the company that owns Facebook (Nasdaq: META), stated on Friday that the Novi crypto project trial “is concluding shortly.” On its website, it states:
Novi will no longer be available for use after September 1.
On Friday, Meta announced that users would no longer be able to deposit funds into their Novi accounts as of July 21.
Additionally, as of September 1, neither the Novi app nor Novi on Whatsapp will be accessible, and users won’t be able to access their Novi accounts.
Users have been encouraged by the business to remove their Novi balances prior to September 1. Any cash still available after that date will be sent to the debit cards or bank accounts indicated on their Novi accounts.
Metaverse Digital Wallet from Novi
According to its website, Novi is a digital wallet that uses bitcoin to provide quick, fee-free money transfers for customers. Oct. 2017 saw the beta release of Novi by Meta with Coinbase as its custodial partner.
The balances of Novi accounts are held in USDP (pax dollar), a stablecoin produced by the controlled Paxos Trust Company. Diem, originally known as Libra, was the cryptocurrency Meta eventually intended to employ for the service. The business, however, ran into several governmental obstacles and ultimately abandoned the venture. The Diem Group (or “Diem”intellectual )’s property and other technological assets linked to operating a blockchain-based payment network were bought by Silvergate Capital, according to a statement made in January.
The metaverse business of Meta has been expanding. Last week, CEO Mark Zuckerberg stated that his organization hopes to draw billions of users to the metaverse, creating enormous money for Meta.
On June 22, Zuckerberg also disclosed that Facebook Pay will change its name to Meta Pay. In addition, he introduced a metaverse-specific digital wallet. The Facebook co-founder explained, “Beyond the present capabilities, we’re working on something new: a wallet for the metaverse that enables you securely manage your identity, what you own, and how you pay.
