Meta to discontinue ‘Novi’ cryptocurrency digital pockets

Mark Zuckerberg’s firm Meta final yr launched “Novi,” a brand new digital pockets with assist for cryptocurrencies. Nonetheless, it appears that evidently the challenge didn’t work out so nicely as Meta has now introduced that it’s going to discontinue and shut down Novi within the coming months.

As highlighted on the platform’s web site (through The Verge), Novi will not be accessible as of September 1, 2022. And after July 21, 2022, customers will not be capable of add cash to their Novi account. All consumer accounts might be deactivated with the tip of the platform, which signifies that any remaining cash on Novi have to be transferred earlier than September.

If in case you have cash remaining in your Novi account after the pilot ends on September 1, 2022, we’ll try to switch your steadiness to the checking account or debit card you’ve added to Novi. If in case you have questions on accessing your steadiness after the pilot has ended, you’ll be able to contact us.

Novi was a part of Meta’s bold plans to spend money on cryptocurrencies. It was launched in October 2021 as a standalone app after which built-in into WhatsApp a couple of months later. Nonetheless, Novi was by no means launched in international locations aside from the US and Guatemala.

Novi was based mostly on “Diem,” a cryptocurrency backed by Meta. Nonetheless, as famous by Bloomberg, the Fb proprietor had been affected by regulatory scrutiny, which probably led the corporate to desert the challenge. Meta mentioned in a press release that it’s going to proceed to spend money on the “web3 house” and that Novi’s applied sciences might be utilized in new merchandise, particularly these associated to the metaverse.

Sadly, since WhatsApp Pay is barely accessible in Brazil and India for now, WhatsApp customers within the US and Guatemala will not be capable of shortly switch cash to others utilizing Meta’s messaging app.

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