Meta stops cryptowallet Novi

Last Updated: 7 July 2022

Meta’s cryptowallet, formerly known as Facebook, is coming to an end. It concerns the app called Novi, and as of September, it will cease to exist.

Novi comes to an end

The announcement comes a few days after Mark Zuckerberg announced Meta Pay. Novi was the first introduction (the then named) Facebook had to cryptocurrency. It was a pilot project.

The wallet’s website has been revamped and informs users that the platform and pilot will come to an end on the 1st of September.

This is the end of an eight-month test project. It involved users from the United States and Guatemala. The app used to be called Calibra.

These testers are now asked to withdraw the remaining money from their Novi wallets and send it to their linked bank accounts. Users from Guatemala can also withdraw their funds in cash at a specially selected location in Guatemala City.

If people still want to download information, they should do so before the closing date. Think of records of transactions or other things they did on their account.

By 1st September, people may no longer log in to the wallet because deposits to the wallet will stop on the 21st of July.

Diem, Libra and Facebook

The end of the Novi pilot comes some five months after Meta sold its stablecoin project Diem to Silvergate Bank. Diem, formerly known as Libra, was supposed to be the stablecoin of the Meta ecosystem.

Regulatory pressure in the United States led Meta to sell the intellectual property of Diem. They also now see no benefit in Novi’s approach. Because Diem failed, they used the stablecoin Pax Dollar (USDP) for a while. They are working with Coinbase as custodial for the assets.

Meta-founder Mark Zuckerberg already has new plans. On 22nd of June, he announced the move from Facebook Pay to Meta Pay to his followers on his Facebook profile. Apart from the introduction of a digital wallet for the Meta payer, the features will remain largely unchanged.

According to the top man, this is a feature “that allows you to securely manage your identity, what you own, and how you pay.”

  • Gabriele Spapperi

    Gabriele Spapperi is a veteran cryptocurrency investor and blockchain technology specialist. He became fascinated with Bitcoin and distributed ledgers while studying computer science at MIT in 2011.

    Since 2013, Gabriele has actively traded major cryptocurrencies and identified early-stage projects to invest in. He contributes articles to leading fintech publications sharing his insights on blockchain technology, crypto markets, and trading strategies.

    With over a decade of experience in the crypto space, Gabriele provides reliable insights and analysis on the latest developments in digital assets and blockchain platforms. When he's not analyzing crypto markets, Gabriele enjoys travel, golf, and fine wine. He currently resides in Austin, Texas.

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