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.