According to a report published by Bloomberg, the business Meta is canceling the pilot for Novi, the company’s digital wallet and the final surviving piece of its failed cryptocurrency project. On the website for Novi, Meta informs users that the wallet will be discontinued on September 1st, 2022, and requests that they take their funds “as soon as feasible.”
Users will no longer have access to their accounts beginning in September, and starting on July 21st, they will no longer be able to contribute money to their Novi accounts. Meta claims that it will “try to transfer” a user’s remaining balance to either the bank account or debit card added to the service if the user forgets to withdraw their funds.
Diem, the firm that would later become Facebook’s parent corporation, was formerly known as Libra until it was rebranded as Meta. The cryptocurrency project came under intense criticism because of its connections to Facebook; as a result, the independent organization behind Libra decided to rebrand the initiative as Diem to differentiate itself from the social network.
Although Diem has been discontinued, this does not mean that Meta has abandoned the concept of creating its own digital assets and a wallet to store them in. A digital wallet that might let you manage and save “digital apparel, art, videos, music, experiences, virtual events, and more” was rumored to be in the works by Mark Zuckerberg, CEO of Meta, at the end of the previous month.