2 years ago
Meta Platforms, formerly Facebook, has announced the extremity of its crypto task Novi. Users are advised to retreat funds arsenic soon arsenic possible. The announcement followed the instauration of a integer wallet for the metaverse, announced by Meta CEO Mark Zuckerberg.
Crypto Project Novi Ending
Facebook proprietor Meta Platforms Inc. (Nasdaq: META) announced Friday that its crypto task aviator Novi “is ending soon.” According to its website:
Novi volition nary longer beryllium disposable for usage aft September 1.
In Friday’s announcement, Meta explained that starting July 21, users volition nary longer beryllium capable to adhd wealth to their Novi accounts.
In addition, starting Sept. 1, some the Novi app and Novi connected Whatsapp volition nary longer beryllium disposable and users volition not beryllium capable to log into their Novi accounts.
The institution has advised users to retreat their Novi balances earlier Sept. 1. Any remaining funds aft that day volition beryllium transferred to the slope accounts oregon debit cards listed connected their Novi accounts.
From Novi to Metaverse Digital Wallet
Novi is simply a integer wallet that lets users transportation wealth instantly with nary fees utilizing cryptocurrency, its website explains. Meta launched Novi successful beta past October with Coinbase arsenic its custody partner.
Novi relationship balances are kept successful USDP (pax dollar), a stablecoin issued by Paxos Trust Company, a regulated entity. Meta yet planned to usage cryptocurrency Diem, formerly Libra, for the service. However, the institution faced aggregate regulatory hurdles and yet scrapped the plan. In January, Silvergate Capital said it had “acquired intelligence spot and different exertion assets related to moving a blockchain-based outgo web from the Diem Group (‘Diem’).”
Meta has been ramping up its metaverse business. CEO Mark Zuckerberg said past week that his institution aims to pull billions of people to usage the metaverse, generating monolithic gross for Meta.
Zuckerberg besides announced connected June 22 that Facebook Pay is rebranding to Meta Pay. Moreover, helium unveiled a integer wallet for the metaverse. “Beyond the existent features, we’re moving connected thing new: a wallet for the metaverse that lets you securely negociate your identity, what you own, and however you pay,” the Facebook co-founder detailed.
What bash you deliberation astir Meta ending the Novi crypto project? Let america cognize successful the comments conception below.
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