September 1 Meta* will shut down Novi’s crypto pilot for payments via the eponymous digital wallet. The company announced its decision on the service’s website, sending users a text message with a link to an advertisement inviting them to do so “as quickly as possible” withdraw your funds from the platform.
As of July 21, users will no longer be able to add funds to their Novi Wallet accounts. The Novi WhatsApp account and the Novi app are also not available. After the pilot ends, users will lose access to their transaction history and other data.
Novi’s cryptocurrency wallet was formerly called Calibra and was originally intended to be used with the stablecoin Libra (later renamed Diem) launched in June 2019. However, under pressure from regulators, the company’s plans changed to launch its own token and in October 2020, Novi became a pilot project for cryptocurrency-based money transfers, not expanding beyond the United States and Guatemala.
Meta* plans to use Novi’s technology in future products like its Metaverse project, a company spokesman said in an email to fortune.com. After Meta abandoned plans to launch its own cryptocurrency* has drawn attention to non-fungible tokens (NFT) to be integrated into Instagram*.
* It is included in the list of public associations and religious organizations for which the court made a final decision, activities on the grounds of Federal Law No. 114-FZ of July 25, 2002 “On Combating Extremist Activity”.