CryptoWallCity vs MEXC Exchange

Facebook kills Novi cryptocurrency wallet

Facebook Meta Platforms Inc (Meta) announced Friday that its Novi crypto project pilot will end soon:

Novi will no longer be available for use after September 1.

In Friday’s announcement, Meta explained that starting July 21, users will no longer be able to top up their Novi accounts.

Additionally, starting September 1, both Novi and Novi apps on Whatsapp will no longer be available and users will not be able to log into their Novi accounts.

The company has advised users to withdraw their Novi balances by September 1st. Any funds remaining after that date will be transferred to the bank account or debit card listed on their Novi account.

Novi is a digital wallet that allows users to transfer money instantly with no fees. Meta launched Novi in ​​beta last October with Coinbase as its custody partner.

Novi account balances are held in USDP (US dollars), a stablecoin issued by the Paxos Trust Company, a regulated institution. Ultimately, Meta planned to use the Diem cryptocurrency, formerly Libra, for the service. However, the company faced numerous regulatory hurdles and eventually dropped the plan.

Meta has been developing its super diversified business areas including metaverse development. CEO Mark Zuckerberg last week said his company aims to attract billions of people using the metaverse, generating massive revenue for Meta.