Meta to Repurpose Libra Wallet Tech for Web3

Meta Crypto Head David Marcus Departs Company

Facebook parent Meta told members it is closing its Novi digital wallet and they should remove their funds as soon as possible, certainly by September.

Observers said the move is further evidence that Facebook has decided to move on from its Libra cryptocurrency experience.

In May 2020, Facebook announced Novi with effusive language, stating in a news release: “It’s a new way to send money, and Novi’s new visual identity and design represent the fluid movement of digital currencies. We’ve also included a nod to the Libra icon in the brand logo to underscore our commitment to the Libra network.”

Among the features of Novi was the ability for some people to send cryptocurrency via WhatsApp chats.

Read more: Meta’s WhatsApp Launches Payments Pilot With Novi Crypto Wallet

The announcement of Novi’s imminent disappearance was far more terse.

“The Novi pilot is ending – withdraw your balance before September 1, 2022,” reads the headline of a post on Meta’s website.

The item itself states only: “Both the Novi app and Novi on WhatsApp will no longer be available starting September 1, 2022. When the pilot ends, you will not be able to log in and access your Novi account. Also be aware that starting July 21, 2022, you will no longer be able to add money to your account. Please withdraw your balance as soon as possible. There are two ways to withdraw your balance from your Novi account.” The company also offers to help users carry out withdrawals.

It concludes with: “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. If you have questions about accessing your balance after the pilot has ended, you can contact us.”

Bloomberg quoted a Meta spokeswoman as having said in an email that the company is “already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles.”

The spokeswoman reportedly added: “You can expect to see more from us in the web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse.”

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