Meta Gets Ready to Shelve Novi Crypto Wallet After Pilot Fails to Catch On

InvestorPlace2022-07-06

Meta Platforms(META) is shutting down its Novi crypto wallet pilot program.Novi was the last surviving part of the company's Diem crypto project.Users have until Sept. 1 to remove all of their assets ...

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Comments

Ichua
2022-07-06
Ichua
Oh no
Khoo12
2022-07-06
Khoo12
Yes
CSL1m
2022-07-06
CSL1m
Like
Ezumu
2022-07-06
Ezumu
Dhhdhehhd
_dachad
2022-07-06
_dachad
Not again
sunshine138
2022-07-06
sunshine138
Ok

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It has been pushing more so than its peers into technologies like stablecoins, the metaverse, non-fungible tokens (NFTs) and the like. Of course, several casualties have resulted from this trail-blazing attitude; a new failure is joining the fold as Meta’s Novi crypto wallet prepares to go offline.Since its rebranding late last year, the company formerly known as Facebook has been diving headfirst down the Web 3.0 rabbit hole. Much to the excitement of many crypto buffs, and much to the chagrin of the market’s skeptics, the company has been promising big forays into areas saturated by blockchain startups. The most well-known of these is the company’s metaverse experience, Horizon Digital Worlds. However, there have been several project even before Horizon which have seen controversy.Perhaps best known of these projects is the Diem stablecoin. Meta wanted its own corner of the space as early as 2017. 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After nearly ten months, though, the company is packing it in.Over the weekend, Meta announced that it will be concluding the pilot program by Sept. 1. After this date, the Novi crypto wallet will be effectively discontinued. In preparation for the closure, all testers are being asked to remove their assets from their wallets as soon as possible. New deposits will be disabled after July 21.It seems as though the news signals a general disinterest in a big tech-controlled cryptocurrency and custodial service. However, Meta isn’t giving up on the space entirely. Novi’s demise comes only months after Meta announced yet another digital money project. Back in April, Meta made known its plans to roll out a digital currency — though not a blockchain-backed cryptocurrency — called“Zuck Bucks.”Though, this project seems far more tied to tokenizing aspects of the social media platforms it controls, Instagram and Facebook, rather than a payment method.All-in-all, the news doesn’t come as a surprise. The timing of the announcement lines up with a growing distrust in “hot wallets” like Novi. These storage options are increasingly becoming targets for hackers, as InvestorPlace’sAshley Cassell points out. 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