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After Facebook ends Project Novi… Zuckerberg unveils Metaverse digital wallet

After Facebook ends Project Novi… Zuckerberg unveils Metaverse digital wallet

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Answer After Facebook ends Project Novi… Zuckerberg unveils Metaverse digital wallet

Meta, formerly known as Facebook, has announced the end of the Novi crypto project.

The company advised users to withdraw funds as soon as possible.

The announcement came after the launch of a digital wallet for Metaverse, which was announced by Mark Zuckerberg, CEO of Meta.

End of Crypto Novi Project:

Meta, the company that owns Facebook, announced on Friday that the Novi crypto project will soon be completed.

According to her website:

Novi will not be available for use after 1 September.

In an announcement on Friday, Meta clarified that as of July 21, users will no longer be able to add money to their Novi accounts.

Read:Learn about the story of Binance saving an investor from losing 30 thousand dollars in a scam

Additionally, starting from September 1, both the Novi and Novi WhatsApp app will be unavailable and users will not be able to log into their Novi accounts.

The company advised users to withdraw their Novi balances before September 1.

Any funds remaining after this date will be transferred to the bank accounts or debit cards listed in their Novi accounts.

Switching from Novi to a Metaverse Wallet:

Novi is a digital wallet that allows users to transfer funds instantly without fees using cryptocurrencies.

Meta Novi launched its beta version last October in partnership with Coinbase.

Novi account balances are held in USDP, a stablecoin issued by Paxos Trust, a corporation and regulated entity.

Meta eventually planned to use the cryptocurrency Diem, formerly known as Libra, for the service.

But the company ran into multiple regulatory hurdles and eventually scrapped the plan.

In January, it told Silvergate Capital that it had acquired the intellectual property of the Diem project.

Currently, Meta is ramping up its work in the Metaverse technology and field.

Read:PayPal is in talks to acquire a company to store and store digital currencies

CEO Mark Zuckerberg said last week that his company aims to attract billions of people to use metaverses, which will generate massive revenue for Meta.

Zuckerberg also announced on June 22 that Facebook Pay is rebranding it to Meta Pay.

In addition, he unveiled a digital wallet for “Metaverse”.

The founder of Facebook stated:

Other than existing features, we’re working on something new:

The Metaverse wallet lets you securely manage who you are, what you own, and how to pay.

Read also:

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