Meta Platforms, formerly Facebook, has announced the end of its crypto project Novi. Users are advised to withdraw funds as soon as possible. The announcement followed the introduction of a digital wallet for the metaverse, announced by Meta CEO Mark Zuckerberg.
Facebook owner Meta Platforms Inc. (Nasdaq: META) announced Friday that its crypto project pilot Novi “is ending soon.” According to its website:
Novi will no longer be available for use after September 1.
In Friday’s announcement, Meta explained that starting July 21, users will no longer be able to add money to their Novi accounts.
In addition, starting Sept. 1, both the Novi app and Novi on Whatsapp will no longer be available and users will not be able to log into their Novi accounts.
The company has advised users to withdraw their Novi balances before Sept. 1. Any remaining funds after that date will be transferred to the bank accounts or debit cards listed on their Novi accounts.
Novi is a digital wallet that lets users transfer money instantly with no fees using cryptocurrency, its website explains. Meta launched Novi in beta last October with Coinbase as its custody partner.
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