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Meta is shutting down its Novi crypto wallet very soon!

Meta will be shutting down its Novi crypto wallet very soon. Users have till July 20th to add funds if they want to and are advised to withdraw them beforehand. As the platform will shut down on September 1st, the company will transfer user funds to the user’s bank accounts. However, if they do it on their own, the chances of any errors will be minimal.

The end of Novi wallet

Meta (previously known as Facebook) had large ambitions when it came to cryptocurrencies. But neither its own employees nor the authorities were fond of the idea. The company launched its first cryptocurrency named “libra,” and after a lot of backlash and issues, it changed its name to “Diem.” After this, they began the pilot testing of Novi, a digital wallet, back in October 2021. It also had support for Diem.

Meta is shutting down its Novi crypto wallet very soon!

Image Source: PYMNTS.com

However, David Marcus, Meta’s crypto chief, left the company a month later. This obviously made it difficult for them to continue the project at the same pace. Reports came in that Meta has started selling its assets regarding the project at the start of 2022. The end of Novi wallet won’t change the fact that Meta will continue to evolve and experiment in the WEB3 space.

Meta pay

Meta has recently rebranded the old Facebook Pay to Meta Pay. The goal with this will be to make a wallet for the Metaverse. However, users can use it, as usual, to send money to their contacts for now. Mark Zuckerberg, the CEO of Meta, says that he envisions Meta Pay to become the go-to digital wallet for purchases in the Metaverse.

It wouldn’t be easy to capture the entire Metaverse market, which Meta Pay aims to do. However, we cannot rule anything out from the social media giant. If they are able to pull it off, Meta could even become the most valuable company in the Metaverse and even the whole world. But the main question is if the hype of Metaverse still exists or if it was just a passing fad?


What are your thoughts as Meta reports that it is shutting down its Novi crypto wallet? And do you think that Meta Pay will become the defacto digital wallet of the future? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

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