Meta Platforms to Close Down Novi Wallet by September 1

After about 8 months since it started conducting trials on the Novi Wallet, Meta Platforms Inc has finally announced it will be closing down the platform by September 1. According to details on the rebranded website of the Novi wallet, users of the platform in the US and Guatemala have been advised to withdraw all of their funds before the due deadline.

“Novi will no longer be available for use after September 1. Before Novi goes away, we’ve made it easy for you to get your remaining balance and download your Novi information,” the information on the website reads

It highlighted that users from both regions can add bank details on Novi if they have not done so and they can send the funds out to the chosen banks. Guatemala users will be able to access a physical location in Guatemala City where they can come to make claims to the funds in their Novi Wallet. A government-issued ID Card will be required for identification.

Meta Platforms and Crypto Integration Struggles

As the project winds down, users are informed that new deposits will be barred from July 21. This marks years and months of investment by Meta to ensure monetary sovereignty is a promise enjoyed by all.

The company’s attempt to venture into blockchain/crypto-related digital payments has not been successful in many aspects. With the company selling the intellectual property of its Diem Stablecoin project to Silvergate Bank back in January this year, it became clear that regulators had succeeded in derailing the firm’s fintech goals.

The Novi Wallet was designed to be powered by Diem, albeit launching without it as reported by TheCoinRise last October. That the wallet is shutting down eventually is evident that Meta Platforms could not redesign the model to act as multi-wallet support as MetaMask and Coinbase Wallet for instance functions.

Despite its woes on the cryptocurrency side, Meta Platforms is making remarkable strides in its metaverse pursuit. TheCoinRise reported last week that the firm’s social media platform, Facebook, has started trialing Non-Fungible Tokens (NFTs) for select users in the United States. This follows a similar Instagram on Instagram which has been largely successful