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Meta’s money transfer service pilot, Novi, is shutting down this September

Fortune | Olga Kharif | Jul 1, 2022

Metas Novi pilot shutting down - Meta's money transfer service pilot, Novi, is shutting down this SeptemberThe remainder of the cryptocurrency project that Meta Platforms Inc.’s Founder Mark Zuckerberg took a beating over from Congress is officially shutting down.

  • Meta’s Novi pilot—a money-transfer service using the company’s own cryptocurrency digital wallet—will end on Sept. 1, the service said on its website, a link to which it texted to its users.
  • Meta launched Novi pilot in October of last year amid scaled back ambitions to dominate the crypto remittances space. Instead of a new Diem token Meta once backed, Novi ended up using Paxos Trust Co.’s USDP stablecoin to allow wallet users from parts of the U.S. and Guatemala to conduct transactions.

Starting July 21, users will no longer be able to add money to their accounts [advising users to withdraw their balance] as soon as possible. Users won’t be able to access their transaction history or other data after the pilot ends.

See:  Meta to Start Testing NFTs on Instagram (Facebook and Other Apps To Follow)

Leverage Novi's technology

The company does plan to use Novi’s technology in future products, such as in its metaverse project, a company spokesperson said in an email.  While scaling back this effort, Meta has been expanding its test to support nonfungible tokens—typically art like cute monkeys or penguins—on its sites.

We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles.  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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NCFA Jan 2018 resize - Meta's money transfer service pilot, Novi, is shutting down this SeptemberThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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