Meta (FB) will shut down Novi, the social media company’s digital wallet payments pilot, on Sept. 1, all but ending the libra stablecoin experiment three years after the company then known as Facebook unveiled its ambitious but ultimately doomed crypto payments gamble.
Meta announced the news on the service’s website, texting users a link to the announcement that urged users to withdraw their money from the platform “as soon as possible.” Beginning July 21, users will lose the ability to add money to their accounts. Novi’s WhatsApp account and the Novi app will also become unavailable. Once the pilot ends, users will not have access to their transaction history and other data.
Novi, originally known as Calibra, had been Meta’s wallet for its libra stablecoin (later renamed diem) revealed in June 2019. Its role shifted as regulatory pressures forced the stablecoin project to change course. Novi became a money-transfer pilot for crypto-based remittances in 2020 – but it never got...
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