The company announced that Meta will shut down the Novi digital wallet on September 1, effectively drawing a line under the Libra project.
Novi, which conducted small pilots in the United States and Guatemala at the end of last year, used Paxos Trust Co’s USDP stablecoin to help users Mobile payment app..
The project has received a great deal of attention from regulatory agencies since its inception. For example, in November 2020, G7 leaders opposed the launch of Facebook’s predecessor, Libra Stablecoin, until it could determine if it was properly regulated.
Novi shutdown
Meta has instructed Novi users to withdraw their balances as soon as possible as they will not be able to withdraw their balances after September 1st. In addition, users will not be able to transfer money to their account after July 21st.
Novi users in the US and Guatemala here (Opens in a new tab) To find information on how to withdraw your balance through any of the major platforms. Also, for users who value privacy, Request a copy (Opens in a new tab) Of the data stored in Novi, it will no longer be available when the pilot is finished.
The project was initially aimed at working through Meta’s own dedicated stablecoin Diem, but was switched to Paxos in response to opposition from the US Congress.
The recent announcement is not particularly surprising. Meta has been offloading assets related to digital asset projects for some time. In January 2022, the company sold assets related to the Diem project to Silvergate Capital (SI) for $ 200 million.
“We are already leveraging the years we have spent building Meta-wide functionality on the blockchain and introducing new products such as digital collectibles,” Meta said in an emailed statement. It is stated in. Bloomberg..
“We are so optimistic about the value these technologies bring to people and businesses in the Metaverse, so we can expect to see more from us in the web3 space.”
In fact, the company recently announced its foray into the world of NFTs, adding new NFT-related features to Instagram as part of the Metaverse Push.
Watch the video here: A meta that draws a line under Libra and shutters the Novi digital wallet
