Meta (FB) To Shutdown Novi Crypto Payments Wallet In September

Meta is abandoning its failed cryptocurrency project in September.

On September 1, Meta (FB) will shut down Novi, the social media company’s digital wallet payments pilot, effectively ending the libra stablecoin experiment three years after Facebook unveiled its ambitious but ultimately doomed crypto payments gamble.

Meta announced the news on the service’s website, texting users a link to the announcement and advising them to withdraw their funds “as soon as possible.” Novi’s WhatsApp account and the Novi app will also be decommissioned.

Originally known as Calibra, the service served as Meta’s wallet for its libra stablecoin, which was announced in June 2019. Its function changed as regulatory pressures forced the stablecoin project to pivot.

Although Meta decided to kill the Novi pilot, the company said it has plans to repurpose the technology for future products, including its metaverse initiative.

“We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles,” Meta said in an emailed statement. “You can expect to see more from us in the Web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse.”

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