META’S DIGITAL WALLET WILL BE DISCONTINUED ON SEPTEMBER!

Just eleven months after its launch by the business once known as Facebook, Meta plans to discontinue its Novi digital wallet on September 1.

The business made clients aware of the impending shutdown on Novi’s website by stating that “The Novi pilot is ending soon” and won’t be accessible after that time.

Users of Novi should take any remaining funds out of their accounts before the closing date, according to Meta. Then, according to the organization, customers can either withdraw their remaining balance as cash or transfer their remaining balance to their bank account, as appropriate.

After September 1, users won’t be able to access their accounts, which prevents them from retrieving account data, including their transaction history.

Novi was made available by the firm last October in a so-called beta, or testing, form with the assistance of the Coinbase bitcoin exchange. Providing digital storage and security tools to assist the app secure users’ assets, Coinbase served as Meta’s “custody partner” on the project. The cryptocurrency exchange claimed in an official blog post in October.

At the time, Meta promoted it as a simple method of sending and receiving money using the stablecoin Paxos Dollar, or USDP. Beforehand, Meta had plans to work with the Novi wallet and the Diem cryptocurrency, supported by a group led by Facebook.

The Diem cryptocurrency project was run by the Meta-backed Diem Association. Still, it failed as a result of intensive regulatory scrutiny. David Marcus, the project’s manager, made his Facebook departure in November. A significant setback for Meta came from the Diem Association selling all of its assets and intellectual property to the cryptocurrency-focused Silvergate bank in January.