Meta has now announced that its Novi pilot will be shut down on September 1. Novi is a money transfer service that uses the company’s own cryptocurrency digital wallet.
Novi previously used Meta’s own cryptocurrency digital wallet to provide transfer services.
It applies Novi-related technologies to the Metaverse and other products. Meta’s cryptocurrency project has been hit with attacks from the U.S. Congress in times past. The company is now finally taking the bold step by shutting down the rest of the project.
Meta spokesperson claims that the company does plan to use Novi’s technology in future products, such as in its original universe project.
According to Meta, both the Novi app and Novi on WhatsApp will no longer be available.
Starting July 21, users will no longer be able to add funds to their accounts. The company advises that users withdraw their balance as soon as possible. After the test period, users will not be able to access their transaction history or other data.
“We’ve spent years building capabilities for Meta as a whole on the blockchain and launching new products such as digital collections,” Meta said in the statement. “You can expect us to see more in the web3 space as we are very optimistic that these technologies can bring value to people and businesses in the metaverse.”
