The announcement of the Novi app’s closure is now live on its website’s homepage. Meta Platforms, Inc. is all set to close its Novi crypto wallet (money-transfer) service come September.
Novi was originally slated as the money-transfer app for Meta’s Libra (Diem) stablecoin. But, Meta Pay is now the future. Novi users are advised by Meta to withdraw the remainder of their balance and their information from the app before September.
Starting July 21 (2022), adding funds won’t be possible in the Novi app. After the pilot project culminates, users will lose their transaction history and other data.
Users from the U.S. and Guatemala are advised to first add a bank account, and then transfer money to it. Guatemalan users are required to withdraw cash from Guatemala city (a government-issued ID and a Novi account are a must).
Also read: Facebook Pay Rebranded to Become Meta Pay
Meta would still use Novi’s underlying cryptocurrency payments support in powering Meta Pay next. E-mail statements by Meta also indicate its deep interest in blockchain, web3, and the metaverse.
Meta’s Novi project ran into troubles with the departure of David Marcus in 2021. Meta also fell short in contesting the regulators’ money laundering, consumer protection, and financial security risk concerns.
