Meta is shutting down its digital wallet Novi as of September 1.
It has been announced that Meta’s (formerly Facebook) digital wallet project named Novi, of which Mark Zuckerburg is the founder and CEO, will be terminated as of September 1.
Novi, the digital wallet of failed stablecoin startup Diem, is being discontinued as of September. In the statement made on the official website of Novi, users were asked to withdraw their money “as soon as possible” and it was stated that users will not be able to deposit money into their accounts from 21 July.
As it is known, the initiative has been subject to many regulatory hurdles and has gone through many changes since its announcement. Originally announced as Calibra, Novi started in 2020 as a pilot for crypto-based remittances. However, the project failed to expand beyond the US and Guatemala.
