Meta Platforms Inc., the parent of Facebook, said that its Novi pilot will no longer be available for use after Sept. 1.
Novi, the company's digital wallet designed around its Libra digital currency, will no longer be available on the app or through WhatsApp starting in September. When the pilot ends, users will not be able to log in and access their account. Users also can't add money to their account starting July 21.
Users withdrawing from the digital wallet's account can choose to transfer their balance to their bank account or withdraw it as cash where applicable, the social media giant said on its website.
"We have notified Novi pilot participants that we are ending the pilot program at this time. We will be taking forward the technology we developed and what we have learned from the program into future products across the company as we focus on building for the metaverse," a Meta spokesperson said Friday in an emailed statement.
Bloomberg first reported the news.
The Wall Street Journal reported in January that the Diem Association, the consortium Facebook founded in 2019 to build a futuristic payments network, is winding down and selling its technology to a small California bank that serves bitcoin and blockchain companies for about $200 million.