Meta’s Novi Cryptocurrency Wallet is Shutting Down

Meta's Novi is Shutting Down on September 1, 2022

Novi, Meta's short-term cryptocurrency digital wallet, is being shut down. The company stated in a notice that the platform would be shut down on September 1 and that July 20 would be the final day to add funds. While adding that it will "attempt to transfer" any money still in users' bank accounts and debit cards after the date of operation, Meta urges users to remove their balances "as soon as possible."

The shutting effectively ends Meta's cryptocurrency aspirations for the time being. Last year Meta's digital crypto wallet company, Novi Company. The wallet was initialized by David Marcus, Meta's crypto chief. It was first launched without Diem support (Diem, Meta’s in-house cryptocurrency).

The Diem Association stated at the beginning of 2022 that it was shutting down.

However, the loss of Novi and Diem does not exclude Meta from developing a new digital wallet. A company representative told Bloomberg that "we've expanded on many years of establishing Meta's capabilities on the blockchain and introduced new goods, such digital collectibles." As we are positive about the benefits that these technologies may provide to individuals and organizations all around the world, you can anticipate seeing more of us in the web3 space.

In fact, Meta announced that last month. Mark Zuckerberg referred to the modification at the time as "the first step" in developing a digital wallet for the metaverse.

The CEO stated that he sees Meta Pay serving as a repository for all digital goods you acquire or create in the virtual world.