Facebook parent Meta to discontinue ‘Novi’ crypto digital wallet

The parent firm of Facebook, Meta is discontinuing the Novi crypto wallet in September. The firm launched the wallet in June 2019 to store its Libra stablecoin.

How will users be affected due to this move?

As per its website, Meta is asking its users to withdraw money from the platform as soon as possible. Users won’t be able to add money to their Whatsapp as well as their account starting July 21. Also, the main Novi App will be unavailable. After September 1, users won’t be able to access other data or transaction history.

Shed some light on Novi

Meta introduced the crypt project in 2019 but had to alter course because of regulatory pressure. Although it was able to develop Novi as a transfer pilot for cryptocurrency-based remittances in 2020, this project was only active in Guatemala and the U.S.

What lies in the future of Novi?

Meta says that it will reuse Novi for upcoming projects. It is also anticipating encouraging NFTs.

What does Meta say regarding all this?

Meta in a statement said that they are already supporting the years spent on creating capabilities for Meta overall on blockchain and launching new items, like digital collectibles. You can wait to see more from them in the Web3 space as they are very optimistic about the value these technologies can bring to business and people in the metaverse.

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