Meta stops Novi crypto wallet pilot project in September

Meta informs 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 ‘as soon as possible’ and return it to their bank accounts.

Meta lets you know that from July 21 it will no longer be possible to add new money to the Novi wallet 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.

Promotional image of the Novi app, via Google Play

The Novi crypto wallet 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 users in Guatemala can 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 does want to use the technology behind Novi in ​​other products. “We are already leveraging the years of work we’ve put into building capabilities for Meta to leverage the blockchain and introduce new products,” a spokesperson said. “You can expect to see more in the web3 domain as we’re very optimistic about the value this technology can bring to people and businesses in the metaverse.”

Meta, then still Facebook, started its wallet and cryptocurrency project with its own coin. That was the Libra. That coin and the accompanying Calibra wallet have been 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.