Meta to discontinue Novi wallet trial

Facebook parent company Meta has confirmed it is closing a trial of its proposed Novi cryptocurrency wallet amid the biggest crash the industry has experienced.

Instead the existing technology being used for the Novi cryptocurrency wallet will likely be repurposed for the company’s upcoming ambitions in the metaverse.

There have been no details provided on how the Novi technology will be applied to the metaverse project so far. The company said that from July 21, users will no longer be able to add more money to their accounts.

The Novi WhatsApp account and Novi app will be discontinued as well. After this date, users will also have no access to transaction history or any other data.

However, Meta will not scrap the Novi technology and it will continue to seek implementation in other blockchain-related projects that go beyond the metaverse.

“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”, a company statement read.

Meanwhile, Meta has been trying to build on its exposure in the non-fungible token (NFT) space and attempting to introduce the technology on various assets it owns.

Meta has gone back and forth with cryptocurrencies. It originally wanted to create a stablecoin by the name of Libra, but this project was deemed unsustainable in the end and paused.

What followed was the introduction of Novi (which was first floated as Calibra) with the company ending up deciding against the project.

You can still use your cryptocurrencies recreationally, even if you don’t use the Novi cryptocurrency wallet. Just visit 1xBIt, FortuneJack or Bitcasino.io.

Source

Updated: 07/05/2022 — 17:00