Meta (ex-Facebook) announced the closure of the cryptocurrency wallet project Novi. Users are recommended to withdraw funds until September 1 of this year.
Meta announced the closure of Novi, which was developed for crypto payments in social networks. The corporation informed users about this decision on the project’s official website, urging them to withdraw their digital assets “as soon as possible.”
According to the website, starting July 21, users will not be able to top up their wallets and its integration with WhatsApp will no longer be available. After the pilot project ends on September 1, users will not be able to access the Novi app or the platform’s transaction history.
The main reason for closing the project was that Meta continues to focus its efforts on creating the metaverse. Despite the complete closure of the project, representatives of Meta assure that all Novi developments will be used in future projects, and developed technologies will be aimed at creating new ways to pay in the metaverse.
Recall that late last year, Meta’s Vice President of AR/VR Andrew Bosworth said that the development of Meta’s cryptocurrency and blockchain projects in 2022 will be accelerated. Shortly thereafter, the corporation announced that it was scaling back its work on the crypto project Diem and considering the sale of related assets. And in early March this year, the corporation began planning to release a virtual currency for the metaverse and various tokens for its apps.
