| Developers: | Meta (formerly Facebook) |
| Branches: | Information Technology |
2022: Meta shuts down project
In early July 2022, Meta (recognized as an extremist organization and banned in Russia) announced the closure of the Novi digital wallet project for cryptocurrencies. July 20, 2022 will be the last day when the wallet can be replenished, and will stop working on September 1, 2022. The company said that the termination of the wallet can be considered the end of the company's ambitions regarding cryptocurrencies.
Meta advised Novi users to withdraw funds as soon as possible, noting that the company will try to transfer money balances to customer bank accounts and debit cards after July 20, 2022. The Novi digital wallet was launched as part of a pilot program in November 2021 with support from Coinbase. Novi's cryptocurrency wallet did not support Meta's proposed Diem cryptocurrency, but instead only launched support for USDP, the stablecoin offered by Paxos Trust.
Support for Diem was expanded to a pilot program with WhatsApp in December 2021, which allowed some users to send and receive cryptocurrency using Novi on WhatsApp chat. According to Telecompaper, the launch of messenger support was seen as a step forward in Meta's attempts to enter the cryptocurrency market, but a little over six months later, these efforts seem to have been in vain.
{{quote 'We are already using years spent creating opportunities for Meta in general on blockchain and introducing new products such as digital collectibles! You can expect more from us in the Web3 space because we are very optimistic about the value of these technologies for people and businesses in the metaverse, "said Meta Chief Executive Officer Mark Zuckerberg. }} Novi was originally known as Calibra, while the cryptocurrency Diem was known as Libra. When it was first announced in June 2019, it caused controversy: members of Congress and then-US President Donald Trump criticized the product. One congressman even went as far as comparing Libra to the September 11 attacks in 2001. Telecompaper said Meta intends to use Novi technology in future projects, such as the metaverse project.[1]
Notes
| The site content is translated by machine translation software powered by PROMT. The machine-translated articles are not always perfect and may contain errors in vocabulary, syntax or grammar. Read original article If you find inaccuracies or errors in the results of machine translation, please write to editor@tadviser.ru. We will make every effort to correct them as soon as possible. |