Meta’s Novi cryptocurrency wallet is closing

Meta is shutting down its short-lived crypto wallet Novi.in a Find , the company announced it will shut down the platform on September 1, with July 20 being the last day to add funds. Meta advises users to withdraw balances “as soon as possible”, noting that after Novi’s last day of operation it will “attempt to transfer any remaining funds” to customers’ bank accounts and debit cards.

For now, the shutdown effectively marks the end of Meta’s cryptocurrency ambitions.company Novi last October.Wallet launched without support for Diem – Meta’s internal cryptocurrency, formerly known as . A month later, the firm’s head of crypto, David Marcus, . In early 2022, the Diem Association announced and “finish” operations.

But the demise of Novi and Diem doesn’t mean Meta won’t make another digital wallet. “We have been leveraging the overall capabilities of Meta built on the blockchain over the years and launching new products, such as digital collectibles,” a company spokesperson told Bloomberg“You can expect us to see more in the web3 space as we are very optimistic about the value these technologies can bring to people and businesses in Metaverse.”

In fact, the company announced last month At the time, Mark Zuckerberg called the change the “first step” in creating a digital wallet for the virtual world. The executive said he envisions a future where Meta Pay will be used as a place to store all the digital goods you buy or create in the virtual world.

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