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Withdraw your funds before Meta’s Novi digital wallet shuts in September

The Deadline is September 1st, 2022.



Withdraw your funds before Meta’s Novi digital wallet shuts in September

Meta is terminating the pilot for Novi, the company’s digital wallet and the final surviving element of its failed cryptocurrency project, as first reported by Bloomberg. On Novi’s website, Meta states that the wallet will be shut down on September 1st, 2022, and advises users to remove their assets “as soon as possible.”

Users will lose access to their accounts in September, and they will no longer be able to deposit funds into Novi from July 21st. If a user forgets to withdraw their remaining amount, Meta states it will “attempt to transfer” their assets to the bank account or debit card linked to the service

Novi was created to provide quick and free transactions by utilising Meta-backed cryptocurrency, Diem

Last October, Meta released the “small pilot” of Novi to users in the US and Guatemala. Novi was designed to facilitate rapid and free transactions utilising the Meta-backed cryptocurrency, Diem, but regulatory issues prompted the firm to join with Coinbase to utilise the Paxos stablecoin (USDP) instead. While Meta said that it intended to add Diem support in the future, things began to fall apart (even more than they were) by the end of 2021 and into 2022.

A brief history of Meta-backed cryptocurrency, Diem

Diem was also known as Libra prior to Facebook’s parent company changing its name to Meta. The independent organisation behind Libra changed the project’s name to Diem in an effort to separate itself from the social network after the cryptocurrency project came under fire for its connections to Facebook.

Soon after the introduction of the Novi project in October 2021, members of the US Senate urged Meta to halt it, claiming that the corporation “cannot be trusted to manage cryptocurrency.” One month later, David Marcus, who oversaw Meta’s cryptocurrency initiatives, quit the business. At the start of this year, Diem sold its assets for around $200 million, bringing the project to an end.

Diem is coming to an end, but that doesn’t mean Meta is giving up on developing its own digital assets and companion wallet. As it works toward “building the metaverse,” Meta will use the technology it built in collaboration with the project “on new products, such as digital collectibles,” according to spokesperson Lauren Dickson in an email to The Verge.

Meta has already begun testing NFTs (non-fungible tokens) on Instagram and has just added support for NFTs on Facebook for select US authors. A non-blockchain-based digital currency named “Zuck Bucks” is also purportedly being developed by the corporation.

Last month, Meta CEO Mark Zuckerberg hinted at the development of a digital wallet to aid in the management and storage of “digital clothing, art, videos, music, experiences, virtual events, and more.” The purpose of the Metaverse Standards Forum, which Meta and several other firms assisted in forming, is to establish industry-wide standards for virtual reality and augmented reality experiences. The wallet would be interoperable across various metaverse experiences.

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