Meta signals closure of Novi wallet after a 10-month pilot
Meta stated that it intends to utilise the technology again in future endeavours, including the metaverse
By Shashank Bhardwaj
Meta (parent company of Facebook) has announced the shutdown of its Novi wallet pilot project. Novi is the company's digital wallet payments pilot and will be shut down on September 1.
The pilot project shutdown will also mark the end of the libra stablecoin experiment three years after Facebook launched its crypto payments platform. The pilot study lasted ten months in which users from the United States and Guatemala took part in a trial of the crypto-powered payment platform.
Except for adding a digital wallet for the metaverse "that lets you securely manage your identity, what you own and how you pay, " the functioning will remain mostly unchanged.
Following tremendous opposition from regulators worldwide, Facebook's parent company changed its name to Meta, while the Diem ecosystem also experienced its rebranding crisis from libra.
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