From next September 1, users will no longer be able to access accounts and transfer money through the digital wallet. The technology will be used to implement the metaverse 04 Jul 2022 Lorenzo Forlani
Less than a year after the launch, the Novi project, the service to transfer money through Facebook-Meta's digital cryptocurrency wallet, will close on September 1st. This was announced by the same company founded by Mark Zuckerberg with a message to users. The Novi app, as well as its integration for Whatsapp, will have limitations of use as early as next July 21, the day from which users will no longer be able to deposit money into their accounts, so much so that Novi itself has advised to withdraw their balance "as soon as possible", that is, before the website closes. The company said users can either transfer their remaining balance to their bank account, or withdraw digital funds in the form of fiat currency whenever possible. Novi users, starting from September 1, will no longer be able to access their accounts, which also includes the impossibility of accessing the history of the transactions made. The metaverse option However, it is not the end for the project, which could simply "migrate" to another dimension, namely that of the metaverse, that is, the three-dimensional space within which natural persons can move, share and interact through personalized elements: "we are exploiting the years spent in creating projects on blockchain to introduce new products, such as digital collector's items. Expect to see more from us in new contexts, convinced that these technologies can bring people and companies in the metaverse great advantages," a spokesperson for the giant told The Verge. Market uncertainties and the crypto crisis Meta had launched the Novi pilot project in October last year, in collaboration with the Exchange Coinbase – "custody partner" of the project, which has made available the digital storage space and cybersecurity technologies – in the ambition to become a reference company in the world of crypto currencies. However, instead of a proprietary coin, called Libra, Novi ended up using Paxos Trust's USDP stablecoin, to allow a larger slice of users to execute transactions. Novi's closing decision comes at a critical time for cryptocurrencies, as markets intensify and the liquidity problems of major companies such as Celsius Network and Three Arrows Capital. What happened last May – with the collapse of the STABLE coin UST, linked to Earth-Moon, which lost its peg to the dollar – has generated concern among investors and regulators, in which there is a suspicion that certain stablecoins do not have the necessary cover for the redemption of certain sums during market crises.