Meta to close Novi wallet

Meta’s money-transfer service that uses its cryptocurrency digital wallet Novi pilot, is shutting down soon. Both the Novi app and Novi on WhatsApp will not be available and users will not be able to add money from July 21, 2022, with losing their account access from September.

Meta launched the Novi pilot last year, to support fast and free transactions using the Meta-backed crypto, Diem. The Diem project, originally named Libra, was hit by multiple setbacks throughout its existence due to significant attention Facebook was receiving around antitrust concerns.

Meta will attempt to transfer funds to a bank account or a debit card added to the wallet if an individual fails to withdraw the balance. Users can also request a copy of all their profile information till the date of closure.

A Meta spokesperson said, “We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles. You can expect to see more from us in the Web 3.0 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse.”