Meta hints at shutting down Novi Wallet after 10-month pilot
Meta Novi Shutdown
Modified Date:- Published Date:-Categories: Cryptocurrency
Meta hints at shutting down Novi Wallet after 10-month pilot
The Novice website landing page has been revamped to inform pilot users that the platform will be pulled down on September 1. This concludes an eight-month-long pilot project in which users based in the United States and Guatemala tested a cryptocurrency-powered payment platform. Users are instructed to withdraw the balance from their respective Novi Wallet to their linked bank accounts.
Guatemalan users can withdraw holdings in cash at a select site in Guatemala City. Novi users are also encouraged to download their account information, including transactions and activity on their accounts, prior to the closing date. From September 1, users will no longer be able to log in to their wallet. Deposits in Novi Wallet will also be closed from July 21.
US Regulatory pressure in the U.S. prompted Meta to sell Diem's intellectual property to Silvergate, which was determined to integrate the underlying blockchain infrastructure and assets into its existing payments platform. The imminent end of Novi Pilot comes on the heels of Meta founder Mark Zuckerberg announcing the change of Facebook Pay to Meta Pay on his public Facebook profile on June 22.
The functionality will remain largely unchanged, save for the introduction of a digital wallet for the Metaverse "that lets you securely manage your identity, what you own and how you pay." Meta's effort to integrate cryptocurrencies and stablecoins into its ecosystem has been a difficult journey.Facebook's parent company rebranded Meta, while the Dime ecosystem also suffered its rebranding debacle from Libra after massive pushback from regulators around the world.
Novi has informed its users that it will stop supporting the wallet on March 22 after successfully completing a 10-month pilot period. While tipping system is unavailable until then, users can still move their Meta in and out of the service.