The last remnant of Facebook’s crypto project shuts down September 1

Meta The Novi Digital Wallet will be closed on September 1, just 11 months after the company formerly known as Facebook debuted.

The company has announced the next closure Novi website“The Novi Pilot will be closed soon” and will not be available after that date.

According to Meta, Novi users will need to withdraw the remaining balance of their Novi account before the closing date. The company said it could transfer the remaining balance to a bank account or withdraw digital funds as cash if needed.

Novi users will no longer be able to access their account after September 1st. In other words, you will not be able to obtain account information such as transaction history.

The company released Novi in so-called beta or test version last October with the help of cryptocurrency exchange. Coinbase.. Coinbase acted as Meta’s “custody partner” in the project, providing digital storage and security technology to help the Novi app protect people’s money, the crypto exchange said in October. Corporate blog posts..

At that time, Meta touted Novi as an easy way for people to send and receive money with the help of stablecoin in the cryptocurrency Paxos Dollar (USDP). At one point, Meta was planning to issue and accept a Facebook-led association-backed Diem cryptocurrency in combination with a Novi wallet.

However, the Diem cryptocurrency project, overseen by the Meta-backed Diem Association, faced strict regulatory scrutiny and led to its end. Project leader David Marcus Announced withdrawal from Facebook last November.. In January, crypto-focused Silvergate Bank purchased all Diem-related intellectual property and assets from Meta’s major setback, the Diem Association.

“Despite providing positive and substantive feedback on the design of the network, dialogue with federal regulators has revealed that the project cannot proceed,” said Libra’s CEO. One Stuart Levey said: statement at the time. “As a result, the best way to move forward was to sell the assets of the Diem Group, as we did at Silvergate today.”

Since then, Stablecoin has been under close scrutiny in the widespread recession of the cryptocurrency market. May Collapse of USTInvestors and regulators who lost their pegs to the dollar were concerned that certain types of stablecoin may not have the necessary backing to redeem them in the case of a run. ..

Meta stocks were flat at $ 160.00 in after-hours trading.