Facebook Shuts Down It’s Cryptocurrency Wallet Novi

Facebook Shuts Down It’s Cryptocurrency Wallet Novi

Bloomberg reported that Meta, formerly known as Facebook prematurely killed its cryptocurrency wallet Novi shortly after it made it past the pilot phase of the project.

They announced that come 1 September 2022, the Novi app and its wallet will no longer be available and users were advised to withdraw their funds from it immediately.

When that date comes, users will also lose their transaction history and other information. Meanwhile, a spokesman from the company confirmed that Meta still plans to use the Novi app in the future for other projects which also includes the Metaverse project.

Testing for the Novi app by Metaverse started back in October 2021, when it traded their stablecoin Diem token for Paxos Trust’s USDP stablecoin so that users in regions (USA and Guatemala) where they are piloting the project can perform transactions.

Mark Zuckerberg, the company’s CEO also faced some audits from the US Congress on whether the then-Facebook would launch the stablecoin formerly known as Libra without regulatory approval.

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This regulatory audit made Meta scaled back its ambitions on cryptocurrency. However, Meta is also testing some other digital currency projects like NFTs. It started testing its Non Fungible Token tests on its Instagram platform and also put out support for NFTs on Facebook.

The Verge reported that the company Meta is working on a new digital currency “Zuck Bucks” which is not dependent on the blockchain technology.

Meta CEO, Mark Zuckerberg also teased that it is creating a new digital wallet that could make it easy for you to manage things like “digital clothing, art, videos, music, experiences, virtual events, and more.” The wallet will be interrelated across the different Metaverse experience which mirrors the aims of the Metaverse Standards Forum formed by Meta and some other group of companies, which calls for industry-wide standards across virtual reality and augmented reality experiences.

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