Fintech Insights - Meta Is Closing Down Novi Digital Wallet Project
This week, Meta announced that it was discontinuing its Novi digital wallet system. The Novi app and Novi on WhatsApp will no longer be available, with all accounts to be closed on the 1st September 2022, and Meta advising all users to withdraw their funds ‘as soon as possible'. From the 21st July 2022, customers will not be able to add money to their accounts. Meta first launched the Novi pilot in October 2021, backed by third-party USDP (Pax Dollars), rather than its own Diem stablecoin, which encountered regulatory issues, in partnership with Coinbase and Paxos.
This pilot launch represented a scaling back of the initial vision for Novi, which was intended as a digital wallet system based on the Diem cryptocurrency, originally known as Libra.
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