Meta to shut down its digital wallet Novi in September

Business Monday 04/July/2022 09:17 AM
Meta to shut down its digital wallet Novi in September

New Delhi: Meta's money-transfer service that uses the company's own cryptocurrency digital wallet 'Novi pilot' is shutting down on September 1. Well, now it certainly looks like one of the biggest tech companies in the world is apparently feeling the effects of the crypto crash tool.

Meta launched Novi in 2021. Users have been given time until September 1 to get their information and their remaining crypto balance off the site. According to The Verge, users will lose access to their accounts come September, and will no longer be able to add money to Novi starting July 21st.

If someone forgets to withdraw their remaining balance, Meta says it will "attempt to transfer" their funds to the bank account or debit card added to the service. The company took to their website to announce that both the Novi app and Novi on WhatsApp will no longer be available.

Novi was supposed to be a safe way for people to send and receive crypto, and at one point it was supposed to work with Diem.

However, the collaboration couldn't happen because Diem collapsed in February this year.

According to The Verge, last month, Meta CEO Mark Zuckerberg also hinted at creating a digital wallet that could help you manage and store "digital clothing, art, videos, music, experiences, virtual events, and more."

The wallet would be interoperable across different Metaverse experiences, reflecting the goals of the Metaverse Standards Forum that Meta and a group of other companies helped form, which calls for industry-wide standards across virtual reality and augmented reality experiences.