Meta to Shut Down Digital Wallet Novi in September

Meta (formerly Facebook) has announced that it will shut down its digital wallet Novi in September. The announcement means that Meta is finally putting brakes on its controversial and long-established cryptocurrency project later this year. As per the announcement, Novi digital wallet will shut down on September 1, 2022. 

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Novi’s topsy-turvy journey

It appears that Novi’s existence in tech will be short-lived as Meta draws curtains to the cryptocurrency project. The Novi digital project was rolled out with a pilot program in November with some degree of custodial support from Coinbase. Right from the beginning, Novi refused to offer support to Meta’s proposed Diem cryptocurrency. Instead, it only supported USDP, a stablecoin provided by the Paxos Trust Co. during the launch.

Things took a positive turn in December when support for Diem was extended to a pilot program with WhatsApp. It allowed a few users to exchange cryptocurrency using Novi wallet within a WhatsApp chat. This was viewed as a positive step for Meta who was looking to enter the cryptocurrency space. However, just six months later, it seems like those efforts are in vain as it plans to shut down the Novi digital wallet in September. 

While Novi was initially called Calibra, Diem cryptocurrency was known as Libra at one point. At the time of its announcement in June 2019, it was no stranger to controversy, with even then U.S. President Donald Trump and members of Congress criticizing the product. In fact, one member of Congress even compared it to the 9/11 attacks. 

Novi’s notice to customers

Novi issued a notice to all its customers, stating that users will not be able to add money to an account after the 21st of July. In addition, the notice also urged all Novi users to withdraw their balance at the earliest before access to their wallets is terminated on 1st September. In some cases wherein funds are left in accounts after the 1st of September, Meta will try to transfer outstanding balances to a debit card or a bank account in case they were added to Novi. 

Although Meta is exiting the cryptocurrency scene, there is a silver lining in its blockchain experience with Novi and Libra. According to Bloomberg, Meta is likely to utilize Novi’s tech in future projects, including its metaverse project. 

A Meta spokesperson said that the company is making full use of the time spent on building capabilities for Meta to introduce new products and blockchain, including digital collectibles. The spokesperson further said that the public can expect to see more from Meta in the Web3 ecosystem as it is very drawn toward the value these technologies can introduce to businesses and people within the metaverse. 

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Feature Image Source: Meta

Karandeep V

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency. At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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