author_name|Igor Bonifacic language|en-US provider_name|Engadget region|US site|engadget

Meta’s Novi cryptocurrency wallet shuts down

Meta is shutting down its short-lived cryptocurrency digital wallet, Novi. Inside detected by , the company announced that it will shut down the platform on September 1, and July 20 is the last day to add funds. Meta advised users to withdraw their balance “as soon as possible” and stated that Novi will “attempt” to transfer the remaining funds to customer bank accounts and debit cards after the last day of operation.

For now, the shutdown effectively marks the end of Meta’s cryptocurrency ambitions. Novi company last October. The wallet was previously owned by Meta. A month later, the company’s head of crypto, David Marcus, announced that the . At the beginning of 2022, the Diem Association announced the end of operations.

But the demise of Novi and Diem doesn’t mean Meta won’t make another digital wallet. “We are already leveraging years spent building capabilities on the blockchain in general for meta and introducing new products such as digital collections,” a company spokesperson said. Bloomberg. “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 metadatabase.”

In fact, the company announced it last month. At the time, Mark Zuckerberg described the change as a “first step” towards creating a digital wallet for metadata storage. The executive said he envisions a future where Meta Pay will function as a place to store all the digital items you buy or create in virtual worlds.

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