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Meta’s ending the pilot for Novi, the company’s digital wallet and the last remaining piece of its troubled cryptocurrency project, as first reported by Bloomberg. On Novi’s website, Meta says the wallet is shutting down on September 1st, 2022, and asks users to withdraw their funds “as soon as possible.”
Users will lose access to their accounts come September, and will no longer be able to add money to Novi starting July 21st. If someone forgets to withdraw their remaining balance, Meta says it will “attempt to transfer” their funds to the bank account or debit card added to the service.
Meta will utilize the technology it developed as part of the project “on new products, such as digital collectibles”
The end of Diem doesn’t mean that Meta is ditching the idea of developing its own digital assets and accompanying wallet, though. Meta spokesperson Lauren Dickson said in an emailed statement to The Verge that Meta will utilize the technology it developed in conjunction with the project “on new products, such as digital collectibles,” as it looks towards “building the metaverse.”
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