Meta is going to put an end to the “Novi” project, Facebook’s digital wallet, formerly called “Calibra”, one of the few tools that were still in development of the once-ambitious project to create its own digital cryptocurrency from Mark Zuckerberg’s company .
Facebook’s cryptocurrency Diem, formerly known as Libra, will in principle continue to develop
As indicated on the Novi website, the closure of the digital wallet will take place definitively on next September 1, 2022. In fact, users who had funds in it are asked “to withdraw their money as soon as possible.”
From that date, they will lose access to their accounts and will not be able to withdraw their moneyalthough Meta has ensured that if someone hasn’t withdrawn your money by then, it will try to make a transfer to your credit card or bank account to return the funds you haven’t withdrawn.
In addition, as of July 21, it will be impossible to add new funds to the digital wallet. This affects all Facebook users who had access to the service, which currently -and since it was officially launched last October- are only those residing in the United States and Guatemala.
Far from expanding Novi’s service to other markets, the company is now shutting it down. Initially, its purpose was to be able to support free transactions with Facebook’s cryptocurrency, which was going to be called Diem (previously the name used was Libra), and it worked in collaboration with Coinbase, a digital cryptocurrency exchange.
Despite the closure of Novi, Facebook assures that it is continuing with its project to launch a cryptocurrency, although there is no start date for operations and much more is not known about it, beyond the recent name changes… and the delays and falls of some parallel tools, as is the case of the digital portfolio.
In a context in which cryptocurrencies are experiencing considerable drops in value, Meta may reconsider delaying -once again- the launch of its own.
