Meta’s Crypto Wallet, Novi, Set to be Shutdown
Meta has announced that Novi will become unavailable by September 1, and users will no longer be able to access the service. However, Meta plans to continue further crypto exploration and investments despite the setback.
Novi Wallet Will Be Unavailable Soon
Meta will be closing its crypto wallet named Novi, signaling an end to its cryptocurrency ambition for the meantime. In an announcement, the company said July 20 would be the final day when people can add funds to their wallets, while the platform will be totally shut down by September 1.
It has also advised users to withdraw their funds, which would be transferred to their bank accounts after its last day of operation. After September 1, both the app and its extension of WhatsApp will be unavailable. This shutdown is coming at a period where the crypto is experiencing a bearish movement causing liquidity for major crypto companies.
Meta’s Interest In Blockchain-Based Services Is Unaffected
However, these unfortunate occurrences don’t mean Meta will not have another crypto wallet. Last month, the company said it would change Facebook Pay to Meta Pay. Mark Zuckerberg, a founder of Meta Platforms Inc., called this move a ‘first step’ in making a wallet for its metaverse.
The company’s spokesperson commented,
“We are leveraging the years spent building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles. As a result, you can expect to see more of us in the web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse.”
Meta Platforms Inc. is an American tech-based conglomerate that owns Facebook, Instagram, WhatsApp, and many other products. The CEO is Mark Zuckerberg, and the company has its headquarters in California, US. The company has recently invested in virtual reality products, metaverse, and blockchain-based gaming platforms.