Crypto chaos sees Meta ditch its Novi payment wallet after just 9 months

Crypto chaos sees Meta ditch its Novi payment wallet after just 9 months

  • Apple
  • July 4, 2022
  • No Comment
  • 26
  • 5 minutes read


Meta, the artist formerly known as Facebook, has canned its fledgling digital wallet payments pilot just nine months after launching it in November 2021.

In a move announced via Novi’s website and first reported by Coindesk, the pilot will end this September, but people will start losing the ability to add money to their accounts much sooner. On July 21, to be exact.

The company also suggests that its users should withdraw their money from the service “as soon as possible,” with more information available through Novi’s website.

The news comes amid continuing uncertainty across the cryptographic world. Novi’s idea was first introduced three years ago with Caliber and a stable currency that was supposed to be attached called the pound. Later, this was renamed by diem, but none of that really matters: Novi never left the field outside the United States and Guatemala and now goes down the dodo path, and so many other cryptographic projects.

However, perhaps this is not the end of the story. Meta told Coindesk that he still has plans for Novi technology and that yes, it involves metavers.

“We are already taking advantage of the years spent building capabilities for Meta in general in blockchain and introducing new products, such as digital collectibles,” Meta said in an emailed statement. “You can expect to see more of us on the Web3 space because we are very optimistic about the value these technologies can bring to people and companies in the metavers.”

Wow.

Novi and Calibra’s original plans, including a stable currency, ended up being discarded after regulatory concern that it would end up being nothing more than a way for people to launder money. These concerns saw that the aforementioned brand change, along with the entire project was massively reduced in scope.





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