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Meta has decided to “close down” crypto wallet application Novi, the remaining piece of the ambitious Libra gamble, 11 months after its launch.
Meta finally decided to “stop” her unfinished dream for Diem and Novi. According to the official announcement on webpage of Meta, the project is urging users to withdraw their funds from the platform as soon as possible.
— Novi (@novi) June 30, 2022
Starting from July 21, the user’s account will have the deposit/withdrawal feature disabled. Novi wallet linked to WhatsApp will also no longer be available. Users will also not be able to access their transaction history or other data after the test is closed.
Although Meta has decided to discontinue Novi, the company said it will continue to pursue its metaverse initiatives. Meta said in a statement:
“We have spent many years developing the capacity for Meta on the blockchain and introducing new products such as digital collections. You can expect more from Meta in the Web3 space because we are very optimistic about the value these technologies can bring in the metaverse.”
As reported by CHK, the stablecoin project of Meta (Facebook) formerly known as Libra, was created as a global payment method by Morgan Beller, David Marcus and Kevin Weil in June 2019. In it, Novi (originally called Calibra), is the wallet application that Meta cherishes to build for Libra. The project has received backing from major financial service providers such as PayPal, eBay, Visa and MasterCard.
Novi was piloted in October 2021 with the help of Coinbase as a custodial partner of Meta. At the time, Novi was advertised as an easy, safe, secure and completely free Paxos Dollar, USDP receiving/sending gateway.
However, Libra was later warned by US senators and put legal pressure on its ability to fight money laundering, consumer protection, and monitor other security and financial risks, forcing the project to must be paused. Many big men have also left the Libra alliance in turn.
The project was eventually renamed Diem in December 2020, but the move did not alleviate increased pressure from the financial watchdog. By December 2021, the “father” of the project is David Marcus has decided to resign and leave the company after many failed attempts with the authorities. A few weeks later, Meta quickly sold the asset from Diem and returned the investor’s capital. Silvergate Capital Corporation has acquired intellectual property and technology from Diem through a deal worth $180 million.
Before the collapse after years of development, the stablecoin Diem core team raised the ambition to continue the unfinished story, some members split up and once again collaborated to form Aptos Labs. Aptos’ developer test network launched three months ago. The company is expected to release the mainnet in the third quarter of this year.
Meta’s above event comes amid a widespread downturn in the cryptocurrency market. Most of the veteran institutions are facing the decision to lay off employees and some lending giants are on the verge of bankruptcy. Three Arrows Capital (3AC), a veteran investment fund that has been struggling with liquidity problems for a while, filed for bankruptcy this morning. On the other hand, one of 3AC’s major creditors, Voyager Digital, has decided to stop depositing/withdrawing and paying bonuses to its customers since yesterday.
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