According to Bloomberg, Meta has decided to stop the pilot program for Novi, the company’s digital wallet and the final component of its difficult cryptocurrency project.
Instead, meta requests that users take their cash “as quickly as possible” from the wallet before it shuts down on September 1st, 2022, according to Novi’s website.
Novi, a crypto digital wallet that Meta introduced in 2021, is nearing the end of its life. Users have till September 1 to remove their information and any leftover cryptocurrency balance from the Novi website. CNBC noted that this extinguishes the last, tiny flickering flame from Meta’s crypto efforts over the previous few years.
Simply put, Novi was designed to be a secure way for users to send and receive cryptocurrency, and at one point, it was intended to support Diem. This Facebook-backed cryptocurrency first launched in 2019 under the name Libra before changing its name later. However, due to Diem’s collapse in February of this year, that never truly occurred.
However, the failure of Novi and Diem does not exclude Meta from developing another digital wallet.
A firm representative told Bloomberg, “We are already using the years invested on establishing capabilities for Meta total on blockchain and delivering new goods, such as digital collectibles.” “We are quite excited about the value these technologies can offer to individuals and companies in the metaverse, so you should expect to see more from us in the web3 sector.”
The ending of Meta’s libra chapter coincides with a sharp decline in cryptocurrency markets, accompanied by job losses and the insolvency of numerous well-known companies like Celsius and Voyager.
