Thursday, November 30, 2023
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Meta to discontinue ‘Novi’ cryptocurrency digital pockets

Mark Zuckerberg’s firm Meta final yr launched “Novi,” a brand new digital pockets with help for cryptocurrencies. Nonetheless, evidently the venture didn’t work out so properly as Meta has now introduced that it’ll discontinue and shut down Novi within the coming months.

As highlighted on the platform’s web site (by way of The Verge), Novi will not be out there as of September 1, 2022. And after July 21, 2022, customers will not be capable to add cash to their Novi account. All consumer accounts shall be deactivated with the top of the platform, which signifies that any remaining cash on Novi should be transferred earlier than September.

If in case you have cash remaining in your Novi account after the pilot ends on September 1, 2022, we’ll try to switch your stability to the checking account or debit card you’ve added to Novi. If in case you have questions on accessing your stability after the pilot has ended, you may contact us.

Novi was a part of Meta’s formidable plans to spend money on cryptocurrencies. It was launched in October 2021 as a standalone app after which built-in into WhatsApp a couple of months later. Nonetheless, Novi was by no means launched in international locations aside from the US and Guatemala.

Novi was primarily based on “Diem,” a cryptocurrency backed by Meta. Nonetheless, as famous by Bloomberg, the Fb proprietor had been affected by regulatory scrutiny, which doubtless led the corporate to desert the venture. Meta stated in an announcement that it’ll proceed to spend money on the “web3 area” and that Novi’s applied sciences shall be utilized in new merchandise, particularly these associated to the metaverse.

Sadly, since WhatsApp Pay is barely out there in Brazil and India for now, WhatsApp customers within the US and Guatemala will not be capable to shortly switch cash to others utilizing Meta’s messaging app.

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