Meta Will Officially Shut Down Its Novi Cryptocurrency Wallet

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Meta Will Officially Shut Down Its Novi Cryptocurrency Wallet By Hannah Perez

Meta’s digital wallet, which was designed for the cryptocurrency formerly called Libra, will stop working in September 2022.

***

  • Meta permanently closes your Novi wallet.
  • Users must withdraw their money before September 1st.
  • A final point for the Facebook cryptocurrency project.
  • Will Meta move away from cryptocurrencies?

the tech giant Goalparent of social media platforms Facebook, Instagram Y WhatsAppyou are closing your digital wallet I did not see thus moving away from one of his greatest efforts related to cryptocurrencies.

The company said Friday that it is finalizing the pilot program of I did not see and requested users to withdraw their money as soon as possible. “Novi will no longer be available from September 1“, it is read in the Web page from the wallet. “It is important that you withdraw the remaining balance from your Novi account before that date“, the firm said, offering users a choice between a bank account or cash.

as collected TheVergeusers will lose access to their accounts starting in September and will no longer be able to add money to I did not see starting July 21. In the meantime, for those who forget to withdraw their money, Goal noted that “will try to transfer” your funds to the bank account or debit card added to the service.

Meta (Facebook) closes a chapter

The announcement finally concludes the chapter of the failed, albeit ambitious, cryptocurrency experiment of Goal. Before the company changed its name, worked on its own digital currency that was initially called Pound. This project was accompanied by the development of a digital wallet, specially designed to protect the token native of the then Facebook.

The company Mark Zuckerberg had announced its cryptocurrency and its native wallet, called Calibrate, in 2019, although those plans saw numerous obstacles due to the reluctance of regulators in various countries around the world. As part of a change in approach to satisfy regulators, the project was renamed in 2020 to diem and the wallet to I did not see.

However, despite the multiple efforts of Goal to go ahead with plans, the project never got off the ground. After three years, the company put an end to diem in February of this 2022, when the organization in charge of the coin in question began to sell the assets and intellectual property of the project.

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The company had managed to bring its digital wallet to market in a pilot program in October last yearbefore completely shutting down Diem. I did not see became a money transfer pilot for cryptocurrency-based remittances and integrated on a trial basis with WhatsApp in 2021, but never got beyond the United States and Guatemala.

At that moment, its members of the US Senate were unhappy with the evidence and they asked Meta to close their project I did not see citing that “company cannot be trusted to manage cryptocurrency“. The head of cryptocurrencies and blockchain of Goal, David Marcus, who was leading the project, he left the company shortly after that.

Bye Pound Y I did not seebut welcome NFTs

Despite Goal is putting an end to its initial crypto project, the company is not completely abandoning digital assets and their underlying technology. This year, as part of efforts to expand their business into the metaverse, Goal has begun to integrate functions of tokens non-fungible (NFT) on their platforms Facebook and Instagram.

We are already building on the years spent building capabilities for Meta in general on the Blockchain and introducing new products such as digital collectibles.”, the company said in a statement sent to CoinDesk.

You can expect to see more of us in the Web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse..

Additionally, as you remember TheVergethe CEO Mark Zuckerberg also hinted a few weeks ago the creation of a digital wallet that could help the company to manage and store”digital clothing, art, videos, music, experiences, virtual events” and other metaverse functions that Goal is already launching on the market.

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It is worth noting that the final closure of I did not see It comes at a time of broader turbulence for the cryptocurrency industry, which is facing financial difficulties amid the steep price decline in the market.


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Article by Hannah Estefanía Pérez / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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