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Novi, Meta’s digital wallet shuts down

Novi, Meta's digital wallet shuts down 1

Over the entire news platform, the latest highlights are all about the Meta. Meta is shutting down its cryptocurrency digital wallet. This digital wallet is known as Novi. As informed by the sources, the company is planning to put an end to the service availed by Novi this year. Very soon, the users will lose access to their Novi accounts and will be unable to deposit any money in the wallet.

Closing of Novi in September 2022

The Bloomberg report depicts that; Meta will put an end to its digital wallet Novi on the expected date of September 1, 2022. After the release on July 20, customers will be unable to include any funds in their wallet accounts. The company is giving advice to their users and assisting them in withdrawing all the money and nulling the balance as soon as possible.

The company has given a declaration to its customers that on the ending date, that means on 30yh July, the users will not be able to transfer any single penny from the platform to their respective accounts due to the diminishment of the access.

Here below, in this article, we have mentioned the exact wordings of the executives that are announced to the public platform.

The company has made a post on the official website of Novi, which says that “Both the Novi application and Novi on WhatsApp will no longer be available from the date September 1, 2022. When this end date breaches, no user will not be able to log in and access your Novi account. The awareness is also shared about the deposits that state, “be aware that starting July 21, 2022, the end users will no longer be able to add money to your account.”

With the shutdown decision of the Novi digital wallet, it seems to be like the company is putting an end to its future plans related to cryptocurrency. The small pilot of Novi was initiated last year in October.

If we talk about the futuristic plans of the company, a Meta spokesperson informed Bloomberg, “We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products that include digital collectibles. The launch will be made on web3 space as the company is very much optimistic about the value these technologies can bring to people and businesses in the metaverse.”

All About Novi

Novi is basically a financial company that was launched with a mission of managing the money work for the betterment of the whole world or its users. Novi Financial has a belief that all people around the world should have similar access to financial services. The first product that was introduced by Novi Financial is the Novi digital wallet itself. This feature was designed for Libra, which is a new payment system built on innovative blockchain technology. The headquarters of Novi Financial is in Menlo Park, California; the financial company is a subsidiary of Facebook.

On the initial basis, Novi was known as Calibra. The stalled Diem cryptocurrency was named Libra. After the introduction of Libra in June 2019, the name was controversial.

Written by Srikanth

Passionate Tech Blogger on Emerging Technologies, which brings revolutionary changes to the People life.., Interested to explore latest Gadgets, Saas Programs

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