Connect with us

Hi, what are you looking for?

Cryptocurrency

Facebook to shut down crypto payments wallet Novi

Facebook to shut down crypto payments wallet Novi
Facebook's Novi via Coingape

Mark Zuckerberg’s Meta company has announced the imminent collapse of Facebook’s cryptocurrency payments wallet, Novi.

Launched in October 2021, Novi which was founded under the company’s 2019 Calibra project, will be ending on on September 1, the company announced on Friday.
“Novi will no longer be available for use after September 1. Before Novi goes away, we’ve made it easy for you to get your remaining balance and download your Novi information,” the company announced on Novi’s website.

UK Sun cited the huge pressure from regulators across the world and distrust after the Cambridge Analytica scandal as some notable causes of the project’s failure.

Ahead of the September 1 shutdown, users have been warned that “It’s important that you withdraw any remaining balance in your Novi account before that date.

“You can choose to transfer your Novi balance to your bank account or withdraw it as cash where applicable,” the site said.

 The tech giant, according to TechCrunch, said it has plans to repurpose the digital wallet technology for future products, including those related to its eponymous focus on “metaverse” development.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

News

The sole producers of iOS devices, Apple Inc., disclosed that it will begin manufacturing its recently launched iPhone 14 in India. According to Bloomberg,...

News

Billions of Facebook users are susceptible to hacking and this is not limited to accounts with millions of followers, as is the case of...

News

Less than a month into the production of the iPhone 14, Apple Inc. is set to change its “Pro Max” naming scheme to Ultra...

Events

West Indian Ocean Cable Company has been awarded the Emerging Telecom Wholesale Provider of the Year award. The award is a recognition of its...

Advertisement