Novi, the Meta Platforms* pilot project, is officially closed. As of September 1 of this year, clients of the service will no longer be able to access their accounts and will "lose access to this information".
This was announced on the project's official website. As of September 1, all Novi platforms, including the project app and WhatsApp account, will be closed. Customers will not be able to fund their accounts starting July 21.
Novi's press service urges users to withdraw funds from their accounts "as soon as possible." Residents of the United States and Guatemala can transfer money to bank accounts, while Guatemalan citizens can also withdraw funds in the form of cash.
Money left in users' accounts after September 1, the company will "attempt to transfer it" to bank accounts and cards linked to the accounts.
As Bloomberg reports, citing a company email, Meta does not consider Novi a failed project. The blockchain technology used to develop the cryptocurrency wallet is planned for the Meta universe.
Meta launched the Novi cryptocurrency wallet for fast and free transactions in October last year. Initially, the project was to be powered by Diem, the company's cryptocurrency. However, due to pressure from U.S. regulators, the idea was dropped.
The IT giant was forced to partner with cryptocurrency platform Coinbase and use Paxos Stablecoin (USDP). Earlier this year, Diem was sold to Silvergate Bank for $182 million.
