Meta, formerly known as Facebook, which strived to build an ecosystem of cryptocurrencies, has decided to shut down its cryptocurrency wallet, Novi, on 1 September 2022.
Novi users will also not be able to add money to their accounts after July 21, 2022, the company said.
In a statement released on Novi.com, it reads, “The Novi pilot is ending – withdraw your balance before September 1, 2022.”
The company statement also said that both the Novi app and Novi on WhatsApp will no longer be available starting 1 September 2022. During the pilot phase, the company decided not to launch the wallet in its final form.
Novi also made it clear that once the pilot ends users will not be able to log in and access their Novi accounts. Users were directed to withdraw their balances from their accounts as soon as possible and either transfer the money to their accounts in the US or Guatemala.
Customers based in Guatemala can also withdraw their money at the nearby withdrawal locations, the statement reads.
In case any user could not transfer their balance, the company would themselves make the transfer. This is to the bank accounts and debit card the user added while opening the account, the statement stressed.
Novi pilot launched in October 2021
Just over a year ago, Meta announced that it had launched a pilot crypto wallet on 19 October 2021 and had selected Coinbase as its custody partner. This cold storage capability for managing private keys will keep user funds secure with proprietary, fully segregated cold storage capabilities.
A brand-new digital wallet, Novi from Meta will help users to send and receive money abroad instantly, securely, and with no fees.
Novi also allowed users who could participate in the pilot to acquire Pax Dollar (USDP) through their Novi account, which Novi will hold on deposit with Coinbase Custody. Novi users will then be able to transfer USDP between each other instantaneously.
By participating in the experimental program, Novi users can purchase Pax Dollar (USDP) through their Novi accounts, which Novi will hold in Coinbase Custody’s custody and allow them to send and receive USDP instantly.
Meta wanted Novi to become an alternative crypto wallet, where users can send and receive crypto in the safest way.
Cryptocurrency Libra dead
Following the closure of Diem in February 2022, this was their second cryptocurrency project. Diem was formerly Libra.
Libra which was launched in 2019 immediately ran into opposition from policymakers and regulators and later changed to Libra, eventually shut down in early 2022.
There were several large payments firms supporting the project, including Visa, PayPal, eBay,, and Mastercard, but most of them dropped out.
As the global crypto market has now shrunk to below $900 billion, and many crypto companies are closing due to market conditions. This might also explain the reason for this announcement from Meta.
This puts an end to Meta’s goal of becoming a dominant player in the crypto sector by building an ecosystem for its billions of users.
