FACEBOOK has conceded defeat in a major cryptocurrency scheme.
Mark Zuckerberg’s meta-company has announced that it will be shutting down digital wallet app Novi after just ten months.
It marks a dramatic end for the social network’s beleaguered crypto gambling intended to compete with Bitcoin.
First launched in 2019 as Calibra, the app was intended to be Facebook’s big leap into crypto with its own digital currency.
But the project failed to get off the ground despite intense pressure from regulators around the world and distrust in the wake of the Cambridge Analytica scandal.
Bosses put Novi on life support, downscaling plans and turning it into a money transfer pilot instead.
The trial never got beyond the US and Guatemala — and now it’s being shut down for good.
Users have been warned that the service will no longer be available after September 1st.
“It is important that you withdraw the remaining balance in your Novi account before this date,” the website reads.
“You can choose whether you want to transfer your Novi balance to your bank account or, if necessary, withdraw it in cash.”
But Facebook’s crypto dreams are far from over.
The tech giant plans to reuse some of the technology behind Novi for other things like the Metaverse.
Facebook has already jumped on the NFT train with a recently launched test.
Also, the company has rebranded its Facebook Pay platform as Meta Pay.
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https://www.the-sun.com/tech/5698747/facebook-closes-down-novi-app-crypto/ Facebook is shutting down one of its BIGGEST features in a shock reversal – will you miss it?