After Mark Zuckerberg unveiled the Metaverse Digital Wallet, Meta ended its cryptocurrency project Novi.

July 4, 2022

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After Mark Zuckerberg unveiled the Metaverse Digital Wallet, Meta ended its cryptocurrency project Novi.

The demise of the cryptocurrency project Novi has been revealed by Meta Platforms, previously Facebook. It is suggested that users remove money as quickly as feasible. The disclosure came after Meta CEO Mark Zuckerberg revealed the launch of a digital wallet for the metaverse. Meta Platforms Inc., the company that owns Facebook (Nasdaq: META), stated on Friday that the Novi crypto project trial “is concluding shortly.” Its website says: After September 1, Novi won’t be used anymore. On Friday, Meta announced that customers will no longer be able to deposit funds into their Novi accounts as of July 21. Additionally, after September 1, neither the Novi app nor Novi on Whatsapp will be accessible, and users won’t be able to access their Novi accounts.

According to the website, Novi is a digital wallet that allows you to send money to customers quickly and for free using Bitcoin. October In 2017, Meta’s Novi was released in beta as a owned partner of Coinbase. The balance of the Novi account is held in USDDP (Pax Dollars) issued by the controlled company Paxos Trust. Diem, originally known as Libra, was eventually the cryptocurrency Meta wanted to use for its services. However, the company faced several government obstacles and eventually ceased. According to the January announcement, the Diem group (or “Diem” intellectual property) and other technical assets related to the operation of a blockchain-based payment network were acquired by Silvergate Capital.

The metaverse business of Meta has been expanding. Last week, CEO Mark Zuckerberg stated that his organization hopes to draw billions of users to the metaverse, creating enormous money for Meta. On June 22, Zuckerberg also disclosed that Facebook Pay will change its name to Meta Pay. In addition, he introduced a metaverse-specific digital wallet. The Facebook co-founder explained, “Beyond the present capabilities, we’re working on something new: a wallet for the metaverse that enables you securely manage your identity, what you own, and how you pay.

Read more: Kuwait-Based Islamic Bank Enters the Metaverse

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