Meta Shuts Down Crypto Wallet Novi So WHY?

Written By Eleman

Meta Shuts Down Crypto Wallet Novi. Meta’s cryptocurrency wallet and developer Novi has been announced to be shut down.

Meta Shuts Down Crypto Wallet Novi

Meta has decided to close its digital wallet Novi after its own cryptocurrency project Diem. The company stated that the service will be terminated on September 1.

Many technology giants have been turning to cryptocurrencies, which are seen as the currencies of the future for a while. One of them was Meta (formerly Facebook), which has recently come to the fore with its metaverse investments. The giant company has taken many steps in recent years, such as its own cryptocurrency and wallet.

However, these crypto moves of Meta did not last long. The company, which developed its own stablecoin, first determined the name of this cryptocurrency as ‘Libra’ and then changed it to ‘Diem’. The news that followed showed that the company would terminate this project. The company also had a wallet called Novi prepared for this cryptocurrency. Now, it has been seen that this wallet is nearing the end of its life.

Meta’s digital wallet Novi is shutting down

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According to Bloomberg’s report, Meta has decided to discontinue its digital wallet Novi. In the statements made, it was stated that the wallet, which is not found in our country, will be closed on September 1, and July 20 will be the last date to add funds. The company stated that users should withdraw their balances ‘as soon as possible’ and that the money will be transferred to customers’ bank accounts.

Of course, the end of Diem and Novi does not signal the end of Meta’s cryptocurrency moves. A company spokesperson told Bloomberg, noting that Meta creates products for blockchain and digital assets, and that the company is optimistic about these technologies, so we may see new moves in Web3.

‘Meta Pay’ Announced to Bring Digital Products to the Metaverse Universe

Facebook Pay’s name was changed to Meta Pay. This change has incorporated Metaverse technologies into the existing features of Facebook Pay. The explanations about Meta Pay were made by Mark Zuckerberg himself.

Mark Zuckerberg made a remarkable post from his original Facebook account. Zuckerberg, who has focused on Metaverse technologies for a long time, said that the payment method called “Facebook Pay” will now be called “Meta Pay”. According to Zuckerberg, Meta Pay has become a wallet that also supports Metaverse technologies. This move is a new indication that Meta and the crypto money world will be intertwined.

This is exactly how Zuckerberg describes Meta Pay: A digital wallet developed for Metaverse. As a matter of fact, this definition is enough for us to understand Meta Pay. Users will be able to sell, receive and display all the content they have created for the digital world through Meta Pay. Mark Zuckerberg states that Meta Pay can be used in everything from music to virtual events.

Meta Pay will work with cryptocurrencies like NFT wallets


Meta Pay is essentially the same NFT and cryptocurrency wallets that launched today. Although it is not clear yet, the following periods will reveal that Meta Pay supports various cryptocurrencies. In this way, users will be offered a not bad experience at all. However, while all this is going on, Facebook Pay’s features of being a payment tool will be preserved. So real currencies will be part of Meta Pay.

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