Meta is shutting down its cryptocurrency wallet ‘Novi’

Amid the crypto crash, Meta is shutting down its digital wallet ‘Novi’ in September

Meta’s money-transfer service that uses the company's own cryptocurrency digital wallet, ‘Novi’, is shutting down on September 1, 2022.

In an announcement made on the website today, the company said, “Both the Novi app and Novi on WhatsApp will no longer be available starting September 1, 2022. When the pilot ends, you will not be able to log in and access your Novi account.”

The company has asked the users to withdraw their funds as soon as possible. Moreover, it also said, “Please also be aware that starting July 21, 2022, you will no longer be able to add money to your account.”

If anyone is unable to transfer their funds from their Novi account post its shutdown, the company will help the users by transferring them to their associated bank accounts.

While the digital wallet services will shut down, the company does plan to use the technology in other ways.

While speaking to The Verge, the spokesperson Lauren Dickson mentioned that Meta will use technology “on new products, such as digital collectables,” as it looks towards “building the metaverse.”

Novi was launched in October last year to venture out in the crypto remittance space. It was built to support the transactions for Meta-backed cryptocurrency, Diem. However, the pressure from the regulatory bodies forced Meta to partner with Coinbase to use the Paxos stablecoin (USDP). Eventually, Diem’s assets were sold in January earlier this year.