Meta Shuts Down Novi, Its WhatsApp Cryptocurrency Wallet

Target launched last December built-in cryptocurrency wallet in whatsappcalled Nova.

Just six months later, Meta Quietly Announces Shutdown of Noviwith a simple addition to their FAQ: “Both the Novi app and Novi on WhatsApp will no longer be available as of September 1, 2022. At the end of the pilot project, you will not be able to log into or access your Novi account.“.

Novi used Pax Dollars (USDP) cryptocurrency.stablecoin pegged to the US dollar and issued by Paxos.

Sending a payment worked similarly to sending any other WhatsApp attachment. This feature is accessed using the paperclip icon on Android or the + icon on iOS, and then select “Payment” from the menu that appears.

Meta does not explain the reasons for this closure, but perhaps the collapse of the cryptocurrency market has a direct bearing on this. Novi is only available in the US and Guatemala.

The Wallet FAQ explains that You can deposit money in Novi only until July 21.. The service will close completely. September 1. On this day, if there is still money left in the Meta Wallet, it will try to transfer it to the bank accounts or credit cards of its owners. But ask users to want to empty their wallet themselves.

Closing Novi cryptocurrency wallet he joins the cancellation of Libra’s own cryptocurrency and its successor Diem a few months ago.

Nonetheless Meta is not abandoning cryptocurrenciessince it is an asset that corresponds to the hypermonetized and speculative vision of the Metaverse.

“We are already preparing the blockchain metaverse and introducing new products such as digital collectibles.“, a Meta spokesperson told Bloomberg.You will see a lot of our stuff in the web3 space because we are very optimistic about the value these technologies can bring to people and companies in the metaverse.“.

Let’s see what they surprise us in the near future…