Tech

Meta Finally Shuts Down Cryptocurrency Project Novi

“There is very little left of Meta’s once ambitious cryptocurrency project. limping“, reports CNET.
As of September 1st, a pilot program from Novi, the social media giant’s money transfer service that uses the cryptocurrency wallet of the same name, will be shut down. Website. The Novi Pilot was launched in Guatemala and parts of the United States. October 2021. According to a notice previously reported by Bloomberg News, “Nobi Pilot is ending soon.” “We made it easy to check balances and download Novi information.” Other pages of the site encourage users to withdraw their balances.ASAP.” Novi’s planned phase-out should come as no surprise. Earlier this year, Meta and its partners announced unplugged From Diem, a related cryptocurrency project launched under the name Libra in 2019 when the meta was still called Facebook… The Libra-Diem-Novi project received little love in its short history. partner bolted togetherDetail movelawmaker criticized the plan. CEO Mark Zuckerberg eventually paid attention metaverse And the end of the crypto scheme seemed inevitable.

The protocol is described by Novi ” It’s far from what Meta CEO Mark Zuckerberg and then Meta executive David Marcus had originally envisioned..”
They initially revealed plans for a stablecoin called Libra in 2019 and announced plans to launch in 2020 alongside a crypto wallet called Calibra. It soon faced resistance from regulators around the world. The token was renamed Diem and wallet Novi, but the new name did not change the official skepticism… Marcus left Meta last year and Meta sold assets We pass it on to our banking partner, Silvergate, regarding the project. Novi was meant to be the new brand for all of Meta’s financial products, including Facebook Pay. However, after Marcus left, Meta began to downplay the Novi name. Meta’s Financial Operations became Meta Financial Technologies in March and Facebook Pay in June changed to MetaPay.

Meta has not completely abandoned its blockchain ambitions, suggesting that cryptocurrency payment support will eventually be part of Meta Pay.

Meta Finally Shuts Down Cryptocurrency Project Novi

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