Less than a year after its debut, Facebook’s parent company Meta’s digital wallet “Novi” (formerly known as Calibra) is also coming to an end. This is due to the collapse of Meta’s digital currency project “Diem” (formerly known as Libra) under regulatory pressure and the liquidation of the Diem Association.
Novi will shut down on September 1 and users won’t be able to top off their accounts starting on July 21, according to the official announcement.
Additionally, the business reminds customers to withdraw money as soon as possible. Novi App and Novi on WhatsApp will stop operating after September 1. If the user’s account still has money left over, Meta will attempt to transfer it to the user’s registration on the Novi platform. in your debit card or bank account.
A Meta representative stated that the business still planned to use Novi’s technology in upcoming products, including its Metaverse.
Facebook started working on the cryptocurrency wallet Calibra in 2019 with the initial goal of supporting the Libra stable currency’s issuance plan.
The Libra issuance plan, however, encountered constant regulatory opposition as soon as it was announced.
Even after the Libra project underwent numerous revisions and was given the name Diem, and the Calibra project was given the name Novi, it was still unable to avoid the close scrutiny of regulatory organizations in various nations.
Users were able to send instant, secure, and fee-free transfers using stablecoins to and from domestic and international locations when the beta version of Novi was launched in October 2021, but because Diem has not yet obtained regulatory licenses, Meta was forced to partner with stablecoin issuer Paxos and cryptocurrency exchange Coinbase to switch to another stablecoin, Paxos (USDP).
