News

Meta discontinues Novi crypto digital wallet

Tuesday 5 July 2022 12:36 CET | News

Global social media platform formerly known as Facebook, now Meta, has announced it discontinues its digital wallet for cryptocurrencies, Novi.

The wallet was only launched in 2021 but will no longer be available after 1 September 2022, while users will no longer be able to add money to their Novi account as of 21 July 2022. Moreover, all user accounts will be deactivated with the termination of the platform, which means customers must transfer any remaining funds before September 2022.

Novi was part of Meta’s plans to invest in cryptocurrencies and was built as a stand-alone platform that later integrated into WhatsApp although it was never launched in countries like the US and Guatemala. The wallet was based on Diem, a crypto backed by Zuckerberg’s company. 

However, as the CEO of Facebook faced regulatory scrutiny, the Novi wallet was dropped, although the social media platform will continue to use its technologies for new products, especially related to the Metaverse.

More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: digital wallet, e-wallet, metaverse, Meta, cryptocurrency, crypto, crypto asset
Categories: Payments & Commerce
Companies: Facebook, Meta, WhatsApp
Countries: World
This article is part of category

Payments & Commerce

Facebook

|

Meta

|

WhatsApp

|
Discover all the Company news on Facebook and other articles related to Facebook in The Paypers News, Reports, and insights on the payments and fintech industry:





Industry Events