Facebook recently announced that it would discontinue its digital wallet, Novi. According to an announcement by the social network’s CEO, Mark Zuckerberg, the device will be shut down by the end of 2022.
Facebook’s digital wallet was launched in October 2021. Since then, users can send and withdraw balances in stablecoins on the platform. However, Novi’s services will soon be suspended.
Mark Zuckerberg told users to withdraw their balance from the digital wallet “as soon as possible”. Novi will stop taking deposits as early as July 21, 2022.
Facebook’s digital wallet will be completely discontinued on September 1. Until then, users can move their balance to another platform.
Novi was launched as a pilot project for a digital wallet. Initially, the device was only available to users in the United States and Guatemala.
Using blockchain technology, Facebook’s project was compatible with the stablecoin pax dollar (USDO). In addition, the wallet’s proposal was to allow international transactions.
The digital wallet also promised full integration with the Facebook group’s apps, such as WhatsApp and Messenger. However, this integration never happened.
Besides a digital wallet with crypto support, Facebook, which changed its name to Meta, was developing its digital currency, the Diem. But the project was sold for US$ 200 million earlier this year before it was even launched on the market.