Meta indicators closure of Novi wallet after a 10-month pilot

Meta’s first foray into the world of cryptocurrencies is ready to finish in September with the closure of its Novi wallet pilot challenge.

Novi’s web site touchdown web page has been revamped to tell pilot customers that the platform will probably be decommissioned on September 1. This ends an eight-month-long pilot project that noticed customers based mostly within the United States and Guatemala take part in a trial of the cryptocurrency-powered fee platform.

Users are directed to withdraw the remaining funds from their respective Novi wallets to their linked financial institution accounts. Guatemalan customers may also withdraw holdings in money at a choose web site in Guatemala City.

Novi customers are additionally inspired to obtain their account info earlier than the closure date, together with transactions and exercise on their accounts. From Sept. 1, customers will not have the ability to log into their wallets. Deposits to Novi wallets may also be discontinued from July 21.

Cointelegraph has reached out to Novi to determine whether or not there are plans to launch a working product sooner or later with a number of cryptocurrency help.

The closure of the Novi pilot follows some 5 months after Meta’s stablecoin challenge Diem was sold to Silvergate Capital Corporation. Diem was set to be the stablecoin that powered the Meta ecosystem and was initially meant to be the native forex of the Novi wallet.

Regulatory stress within the United States led to Meta promoting the mental property of Diem to Silvergate, which was set to combine the underlying blockchain infrastructure and property into its present fee platform.

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The failure to launch Diem noticed Novi make use of the Paxos-powered stablecoin Pax Dollar (USDP) as its native dollar-backed token for funds. American cryptocurrency alternate Coinbase teamed up with Novi as its custody companion to handle and retailer consumer funds. Meta had deliberate emigrate the Novi platform to the Diem blockchain ecosystem as soon as it had attained regulatory approval.

The impending finish of the 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 performance will stay 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 efforts to combine cryptocurrencies and stablecoins into its ecosystem have been an arduous journey. Facebook’s mum or dad firm rebranded to Meta, whereas the Diem ecosystem additionally underwent its own rebranding debacle from Libra following large pushback from regulators world wide.