Meta to terminate crypto digital wallet Novi starting 1st September

By Tejaswita Tiwari  | Date: 2022-07-04

Meta to terminate crypto digital wallet Novi starting 1st September

Tech giant Meta is shutting down its money transfer service provided by the company’s cryptocurrency digital wallet ‘Novi pilot’ from 1 September 2022.

After its launch in 2021, recent plans to cease the digital wallet hint toward the repercussions of the cryptocurrency crash felt by one of the largest tech players.

It has been reported that Meta is allowing its users a buffer period until 1 September to retract their leftover crypto balance and any information provided to the site.

Meta is facilitating a smoother transit for its users by first restricting users from adding money to Novi from 21st July, followed by cutting complete access to their accounts by September.

However, as concerns arise associated with withdrawal delay, Meta mentioned that if a user forgets to withdraw their balance, the firm will make an effort to transfer the amount to the respective bank account or debit card registered on the site.

Meta confirmed its plans to shut down both the Novi app as well as the Novi service on WhatsApp by announcing it on its website.

Primarily, Novi was designed as a safer alternative for people to send and receive cryptocurrency and the company was also pursuing a partnership with Diem for the same. Nonetheless, after Diem collapsed earlier in 2022, the collaboration was not executed as planned.

Last month, Meta CEO Mark Zuckerberg indicated that the company plans on creating a digital wallet that will allow users to manage and store digital art, music, clothing, videos, virtual events, experiences, and more.

Ideally, the wallet would be interoperable and support different Metaverse experiences, building upon the Metaverse Standards Forum targets set by Meta and a bunch of other companies, which prompt industry-wide standards for virtual reality (VR) and augmented reality (AR) experiences.

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Tejaswita Tiwari

Tejaswita Tiwari

Being born in a family of readers, Tejaswita has always had a natural flair for writing, using that enthusiasm to become a full-fledged writer after earning her MBA in Marketing. Her insatiable curiosity to learn about various verticals has made her a popular research...

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