Meta has decided to put an end to the misery of its Novi cryptocurrency digital wallet


If you are one of the few people who are still using Novi, Meta’s cryptocurrency digital wallet, you might want to withdraw all of your money from the platform as soon as possible. Apparently, Meta has decided to put an end to Novi’s misery and just shut down the service for good (via Bloomberg).

As posted on Novi’s help center page, both the Novi app and Novi on WhatsApp will be discontinued on September 1, 2022. Once the fatal date comes, you will no longer be able to log in and access your Novi account. However, although the service will officially end in September, you’ll be unable to add money to your Novi wallet starting July 21, 2022.

If you haven’t retrieved your money from the Novi platform by September 1, Meta will attempt to transfer your balance to the bank account or debit card you’ve registered on your Novi profile. You can also request a copy of your Novi information until the end of the program. After the cut-off date, you will no longer have any sort of access to it, so if you want to store your transaction history for your financial records, now is the time.The truth is that Novi’s demise doesn’t come as a surprise. From the very beginning, Meta had problems with its digital wallet. The plan was for the company to use its own cryptocurrency, Diem, also known as Libra. But Meta had problems with Congress and ended up employing the Paxos stablecoin (USDP) instead.

Furthermore, in a letter to Mark Zuckerberg, Senate Democrats have demanded Facebook to end its Novi digital wallet with the argument that the company “cannot be trusted to manage cryptocurrency.” Also, the pilot program was only available in the US and Guatemala, so it wasn’t something widespread. So yeah, after almost one year of constant trouble, Meta has decided to wave the white flag and just put an end to its Novi project for good. The company released Novi in October 2021.


Source: phonearena.com

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