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

July 3, 2022

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

Facebook and Meta Platform have previously reported on the failure of the Novy cryptocurrency project. It is suggested that users remove money as quickly as feasible. After Meta CEO Mark Zuckerberg introduced a digital wallet for the Metaverse, the disclosure was made. Facebook’s parent firm, Meta Platform Inc. (NASDAQ: META), stated on Friday that the Novi cryptocurrency project’s testing “will cease shortly.” According to their website, News will stop working on September 1.

As of July 21, customers will no longer be able to deposit money into their Novi accounts, Meta announced on Friday. Also, as of September 1, WhatsApp will not have access to Novi or the Novi app, and users will not be able to access their Novi accounts. Corporate users are encouraged to clean their Novi salts before September 1st. Any money remaining after this date will be credited to the debit cards or bank accounts specified in the Novi Accounts. According to its website, Novi is a digital wallet that uses Bitcoin to make fast, free transfers to customers. October In 2017, Coinbase launched a beta version of Novi with Meta as a guarding partner.

The USDP (Pax Dollar), a stable currency created by a fund under Paxos’ administration, is used to hold balances in new accounts. The metacipheral currency used for this service was initially called Libra, or time. However, the company ran across a number of administrative obstacles and ultimately gave up on the project. According to a report published in January, Silvergate Capital purchased the assets of Diem Group (or “Diem”) and other technical assets relevant to the operation of a blockchain payment network. In addition, Facebook Pay will become MetaPay on June 22nd, according to Zuckerberg. It has also introduced a special digital wallet for the Metaverse. In addition to current features, we’re developing a new wallet for Metaverse that enables safe management of who you interact with.

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