Meta Platforms has issued a notice to the users of its crypto project, Novi, recommending they withdraw their funds without delay. This follows the announcement that Meta will cease the Novi project after the introduction of a digital wallet for the metaverse.
Deposits Close July 21
Novi, a digital wallet that offers fee-free instant money transfers using crypto, will be ‘ending soon’ according to Meta. The current form of the Novi project has been available for barely 10 months. However, its first phase – Calibra, the wallet for Meta’s Libra stablecoin – became available in 2019.
September 1 will mark the end for the wallet, with users no longer able to add money to their Novi accounts from July 21. The project’s end will also mean that Novi for Whatsapp will no longer function.
Funds remaining in accounts after September 1 will be transferred to the debit cards/bank attached to users’ Novi accounts.
In place of the Novi project, Meta is introducing the Metaverse digital wallet. This wallet will allow metaverse players to securely manage their identity, possessions, and payments. Meta seems to be placing the emphasis, yet again, on the potential of the metaverse:
You can expect to see more from us in the Web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse.
Meta statement
In October 2021, the Novi wallet began trials across a select group in the US. Meta touted the ease of sending and receiving money – a process that could take place instantly, securely, and with no fees. Meta’s head of crypto and fintech at Novi, Stephane Kasriel, announced the rollout on December 9.
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