Meta Announces to Shut down its Crypto Wallet ‘Novi’

In the past 4-5 months, we have witnessed the downfall of a number of cryptocurrencies and wallet. Following the trajectory, Meta has also announced that it is getting rid of Novi (its short lived cryptocurrency wallet). As per a source, Meta’s wallet would be shut down on September 1, and the last day to add funds would be July 20. Meta told users to withdraw their balance “as soon as possible,” adding that it would “attempt to transfer” any remaining money to users’ bank accounts and debit cards after Novi’s last day of operation.

Meta Announces to Shut down its Crypto Wallet ‘Novi’

For now, the shutdown means that Meta’s plans regarding cryptocurrency wallets are being halted. In October, the company started a “small pilot” of Novi. When the wallet came out, it didn’t work with Diem, Meta’s own cryptocurrency, which used to be called Libra. After a month, David Marcus, who was in charge of the company’s crypto side, left Meta. At the beginning of 2022, the Diem Association said it would sell its assets and stop doing business.

However, on the contrary, sources entail that Meta won’t stop making digital wallets just because Novi and Diem failed. In this regard, company’s representative said,

We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles. You can expect to see more from us in the web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse.

In fact, the company said last month that Facebook Pay would now be called Meta Pay. Mark Zuckerberg said at the time that this change was the “first step” toward making a digital wallet for the metaverse. Furthermore, he added that he could see a time when Meta Pay would be a place to keep all the digital things you buy or make in virtual worlds.

Check out? Facebook plans to revamp the design in a bid to compete with TikTok