Meta signals closure of Novi Wallet after 10-month pilot
Meta's wallet pilot Novi is set to end in September, with the announcement coming days after Mark Zuckerberg touted Meta Pay on Facebook.
New
Meta's first foray into the world of cryptocurrencies is set to end in September with the closure of its Novi wallet pilot.
The Novi website homepage has been revamped to inform pilot users that the platform will be decommissioned on September 1. This wraps up an eight-month pilot project that saw users based in the United States and Guatemala take part in a trial of the cryptocurrency-powered payment platform.
Users are advised to withdraw remaining funds from their respective Novi wallets to their linked bank accounts. Guatemalan users can also withdraw their cash holdings at a selected location in Guatemala City.
Novi users are also encouraged to upload their account information prior to the closing date, including transactions and activity on their accounts. From September 1, users will no longer be able to log in to their wallet. Deposits to Novi wallets will also be discontinued from July 21.
Cointelegraph has contacted Novi to find out if there are plans to release a functional product in the future with support for multiple cryptocurrencies.
The shutdown of the Novi pilot comes about five months after the sale of Meta's Diem stablecoin project to Silvergate Capital Corporation. Diem was to be the stablecoin that powered the Meta ecosystem and was originally intended to be the native currency of the Novi wallet.
Regulatory pressure in the United States led Meta to sell Diem's intellectual property to Silvergate, which was to integrate the underlying blockchain infrastructure and assets into its existing payment platform.
>Related:
Meta's wallet pilot Novi is set to end in September, with the announcement coming days after Mark Zuckerberg touted Meta Pay on Facebook.
New
Meta's first foray into the world of cryptocurrencies is set to end in September with the closure of its Novi wallet pilot.
The Novi website homepage has been revamped to inform pilot users that the platform will be decommissioned on September 1. This wraps up an eight-month pilot project that saw users based in the United States and Guatemala take part in a trial of the cryptocurrency-powered payment platform.
Users are advised to withdraw remaining funds from their respective Novi wallets to their linked bank accounts. Guatemalan users can also withdraw their cash holdings at a selected location in Guatemala City.
Novi users are also encouraged to upload their account information prior to the closing date, including transactions and activity on their accounts. From September 1, users will no longer be able to log in to their wallet. Deposits to Novi wallets will also be discontinued from July 21.
Cointelegraph has contacted Novi to find out if there are plans to release a functional product in the future with support for multiple cryptocurrencies.
The shutdown of the Novi pilot comes about five months after the sale of Meta's Diem stablecoin project to Silvergate Capital Corporation. Diem was to be the stablecoin that powered the Meta ecosystem and was originally intended to be the native currency of the Novi wallet.
Regulatory pressure in the United States led Meta to sell Diem's intellectual property to Silvergate, which was to integrate the underlying blockchain infrastructure and assets into its existing payment platform.
>Related:
What's Your Reaction?
