Facebook’s parent company Meta plans to shut down its Novi crypto wallet as of September 1, less than a year after its launch.
According to Techcircle, Meta announced the closure on Novi’s website, notifying customers that ” Novi is coming to an end” and would no longer be available for use after that date. Also, as of July 21, users will no longer be able to fund their accounts, and advised users to withdraw their balances “as soon as possible”.
“Novi users should withdraw the remaining balance on their Novi account before the closing date. People can either transfer the remaining balance to their bank account or withdraw the digital currency as cash if available,” the company added.
In other words, Novi users will not be able to access their accounts after September 1, and therefore cannot retrieve account information such as transaction history.
Meta introduced Novi last October as a beta or test version with the help of cryptocurrency exchange Coinbase, which acts as Meta’s “custodial partner” in the project. In an October 2021 Coinbase blog post, it said it provided. digital storage and security technologies to help the Novi app protect people’s funds
Novi is supposed to be a secure way for people to send and receive cryptocurrency. In February 2022, Meta also shut down its first cryptocurrency project, Diem – the former name Libra introduced in 2019 – due to opposition from regulators and policymakers. At the time, Meta said market acceptance of its digital payment products could be “uncertain,” so the company could not be certain that the product would be offered without delay. timely manner.
Meta’s decision to withdraw crypto projects reflects the entire cryptocurrency market is struggling. The global market capitalization of these digital assets has fallen below $1 trillion. Starting with Bitcoin and Ethereum, the prices of most coins have fallen significantly from their all-time highs and are unlikely to recover immediately amid global economic turmoil.