Meta ends Novi cryptowallet pilot project in September

Meta is informing users of its Novi crypto wallet that this pilot project is coming to an end. Users are advised to withdraw their balance from the wallet and transfer it back to their bank accounts ‘as soon as possible’.

Metas let you know that it will no longer be possible to add new money to the Novi wallet from July 21 and that the entire service will no longer be available from September 1 of this year. If there is still money on September 1, Meta will try to send it to the user’s bank account. The pilot has been running since October last.

Promo image of the Novi app, via Google Play

The Novi cryptowallet is a pilot in which users in the United States and Guatemala can send money to each other. Users can convert dollars to the stablecoin USDP, or the Pax Dollar. This is pegged to the US dollar and allows users in Guatemala to convert back to the Guatemalan quetzal. They can send this money to their bank account or withdraw it as cash. Meta is collaborating with Paxos and Coinbase in the pilot.

Meta reports to Bloomberg that it wants to use the technology behind Novi in ​​other products. “We are already leveraging the years of work we put into building capabilities for Meta to leverage the blockchain and introduce new products,” said a spokesperson. “You can expect us to show more in the web3 domain as we are very optimistic about the value this technology can add to people and businesses in the metaverse.”

Meta, still Facebook at the time, started its wallet and cryptocurrency project with its own coin. That was the Libra. That coin and the accompanying Calibra wallet were criticized by several organizations and governments, including the European Union. Due to this criticism, several partners withdrew, after which Facebook adjusted the plans. For example, the platform started supporting multiple stablecoins for different currencies. In addition, Facebook changed the name from Calibra to Novi.