Social media site Facebook’s parent company, Meta, is shutting down the cryptocurrency program they began in 2019. The Novi cryptocurrency wallet will close completely in September, it had been introduced by Meta in June 2019.
The announcement came recently via the Novi website stating that users should begin to withdraw their money from the wallet as soon as possible. Users can use the Novi app on their smart devices to learn how to begin the process of withdrawing their money. As of July 21, 2022, users will no longer be able to add money to their accounts. Meta also warned users that once the program ends, users will not have access to their account history as well as other data.
Never Took Off
According to CoinDesk, “Novi, originally known as Calibra, had been Meta’s wallet for its libra stablecoin (later renamed diem) revealed in June 2019. Its role shifted as regulatory pressures forced the stablecoin project to change course. Novi became a money-transfer pilot for crypto-based remittances in 2020 – but it never got beyond the U.S. and Guatemala.”
Even though Novi is being tabled, it does claim that it will repurpose the pilot for other projects.
“We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles,” Meta said in an emailed statement. “You can expect to see more from us in the Web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse.”
With Meta and Facebook’s ever-changing landscape, it’s possible that Novi will return at some point.