Meta, Facebook's parent company, has just announced it is abandoning the full-scale launch of its digital wallet Novi and will shut down the project after completing pilot testing on September 1.
As of July 21, users will no longer be able to top up their balances, and in September the Novi app and the service of the same name on WhatsApp will cease to function. The company has advised account owners to remove assets on their own.
According to the statement released by Meta:
"If you have money remaining in your Novi account after the pilot ends on September 1, 2022, we’ll attempt to transfer your balance to the bank account or debit card you’ve added to Novi."
Once the project is closed, users will also lose access to their transaction data, so Meta has advised downloading this information via the corresponding option in the digital wallet settings.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
The company reportedly intends to use Novi-related developments in future projects, including initiatives focused on the metaverse.