Meta has announced the Novi e-wallet and crypto platform will be shutting down very due to the bearish conditions the crypto market has encountered. Novi also affirmed Meta’s announcement to conclude its crypto-inclined services via Meta’s social networks. Both technology companies agreed September 1 is the due date for Novi to go offline.
Neither did Novi nor Meta disclose if the digital wallet platform cessation is temporary or permanent, or if a strategic move for Novi to become a standalone crypto network.
The Novi wallet came into existence via Meta’s resources and gained the limelight for global recognition influenced by Meta’s flagship social network Facebook. The Novi wallet has merged with Facebook since its launching and has allowed Facebook users to socialize with cryptocurrencies likewise planned a viral scheme to debut the Novi custom digital token christened Diem. Although, the Diem project was terminated because regulatory policies hindered Novi and Facebook’s social fruition.
The Novi wallet will continue to allow its active users to transact cryptocurrencies until September 1 passes – afterward, all available balances will no longer be accounted for by Novi or Meta. Unlike Novi, meta brought the announcement to the awareness of its users via its blogpost while Novi displays a static notification that warns about the end of its crypto operation on its homepage.
The Novi pilot has encouraged active crypto holders to empty their wallets and download user information that consists of transaction history and the balance prior to September 1.
The Novi crypto platform has outlined a simplified means for users to download their information and empty their crypto wallets before the countdown to September elapses. Both Novi and Meta tagged this message as a priority warning for users to have their remaining balance on the Novi wallet withdrawn because after the scheduled deadline for Novi’s cessation, every available balance will not be refunded.
According to the baby steps Novi outlined on its website for users to withdraw their cash, the crypto company made sure that users find it easy to either transfer from a Novi account to another crypto wallet or virtual cash transfer from a Novi account to a real-time bank account.
Meta adopted Novi into its social network at the time when Facebook was its corporate moniker. The name change to Meta illustrates Facebook’s conglomerate transition into the metaverse as the name “Meta” implies – this also illustrates Meta’s technological advancement of tokenizing cached data as a non-fungible token and other preferred digital tokens.
Novi has existed for over a year operating with Meta’s resources which brought another crypto giant, Coinbase to develop Novi into a secured app for token storage or exchange. The Novi Diem could not be developed as Novi’s custom cryptocurrency – Novi has used the Paxos Dollar (USDP) tether coin as its custom cryptocurrency.
After the proposed countdown to the deadline in September, all the contract that bonds Meta, Novi, Coinbase, and USDP will be null. Nonetheless, Meta and Novi have agreed to the cessation of integrating social technology – it is a no-brainer that Novi and Meta had to hit the limelight because of the surge tied with the FinTech industry.
Due to the bearish crypto market that has also affected tether coins to be unstable, Novi and Meta’s joyride saddens. Meta sees no future trading and exchanging cryptocurrencies anymore with Novi.
Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.
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