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

July 1, 2022


After Mark Zuckerberg unveiled the Metaverse Digital Wallet, Meta ended its cryptocurrency project Novi. The “New” cryptocurrency project’s completion was declared by the Meta platform, previously Facebook. To withdraw money as quickly as possible, users are urged. The declaration comes after Meta CEO Mark Zuckerberg unveiled a digital wallet for the Metaverse. Owner of Facebook Meta Platform Inc (NASDAQ: META), the results of a new crypto initiative, declared on Friday that the Novy crypto pilot project is “coming to an end shortly.” On its website, it states: Users will no longer be able to deposit funds into their Novi accounts as of July 21, according to the notice made by Meta on Friday. The Novi app and Novi on Whatsapp will also stop working on September 1 and users won’t be able to access their Novi accounts.

Users were encouraged by the business to remove their Novi balances before to September. Any money still available after this time will be transferred to the debit cards or bank accounts listed in the Novi accounts. From the Metaverse to the New Digital Wallet According to its website, Novi is a digital wallet that enables users to send money instantaneously using digital currency without paying any fees. In October of last year, Meta released Novi in beta with Coinbase as its hosting provider. The balances of Novi accounts are kept in USDP (pax dollars), a stablecoin produced by the controlled Paxos Trust Company. The service will eventually be provided by Meta using the digital currency Time, which was previously known as Libra. The business, however, encountered several governmental obstacles and ultimately abandoned the project.

After purchasing “intellectual property and other technical assets connected to the development of a blockchain-based payment network from Time Group (“TEAM”),” Silvergate Capital declared in January. The Metaverse division of Meta is expanding. The company’s CEO, Mark Zuckerberg, stated last week that it aims to attract billions of users to the Metaverse and substantially increase Meta’s income. Zuckerberg declared that Facebook Pay would become Metapay on June 22. A digital wallet for Metaverse was also introduced. The co-founder of Facebook said, “In addition to the existing capabilities, we’re working on something new: a wallet for Metaverse that helps you securely manage who you are, what you own, and how you pay.

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