Meta is in big big danger : Meta’s Novi cryptocurrency wallet is shutting down

Meta is shutting down Novi, its short-lived cryptocurrency digital wallet. In a notice spotted by Bloomberg, the company announced it would sunset the platform on September 1st, with July 20th being the final day to add funds. Meta advised users to withdraw their balance “as soon as possible,” noting it would “attempt to transfer” any remaining money to customer bank accounts and debit cards after Novi’s final day of operation.

For the time being, the shutdown effectively marks the end of Meta’s cryptocurrency ambitions. The company began a “small pilot” of Novi last October. The wallet launched without support for Diem – Meta’s in-house cryptocurrency, which was previously known as Libra. One month later, David Marcus, the company’s crypto chief, left Meta. At the start of 2022, the Diem Association announced it was selling its assets and “winding down” operations.