Meta Terminated its Failed Cryptocurrency Project in this September

The rest of the crypto project that the founder of Meta Platforms Inc. Mark Zuckerberg assigned the task before Congress has officially closed.

Meta’s Novi pilot – a money transfer service using the company’s own crypto wallet – will end on September 1, the service said on its website, a link it texted. for users.

The Novi and Novi apps on WhatsApp will no longer be available, the company said on its website. From July 21, users will no longer be able to top up their accounts, Novi said, advising users to withdraw their balances “as soon as possible”. Users will not be able to access their transaction history or other data after the pilot program ends.

The company plans to use Novi’s technology in future products, such as in the Metaverse project, a company spokesperson said in an email.

“We’ve built on many years of building Meta’s capabilities on the blockchain and introduced new products, such as digital collectibles,” Meta said in the release. “You can expect to see more of us in the web3 space, as we are optimistic about the value these technologies can bring to people and businesses around the world.”

Novi Test

Meta launched the Novi test last October amid dwindling ambitions to dominate the crypto remittance space. Instead of the new Diem Meta token that was once supported, Novi used Paxos Trust Co’s USDP stablecoin. to allow wallet users in the US and Guatemala regions to transact. Coinbase Global Inc. have protected the funds.

When testifying before Congress in 2019, Zuckerberg tried to assuage any concerns that his company would support the launch of Diem, then known as Libra, without approval of the governing body.

Meta’s ambitions for Diem, an association that is part of bringing fast and cheap payments via cryptocurrency to the world, has shrunk in recent years amid the institutional backdrop supervisory authority. David Marcus, who led Novi’s portfolio effort, left last year. Diem’s ​​property was sold in January.

While easing this effort, Meta has expanded its experimentation to support non-fungible tokens – often works of art like monkeys or cute penguins – on its websites. me. The unraveling of Meta’s ambitions for Novi comes amid an increasingly bearish crypto market and liquidity problems at key players like C Network and Three Arrows Capital.