Meta to shut down crypto wallet project Novi by September

Meta Platforms, Inc., formerly known as Facebook, announced that its digital wallet service Novi won’t be available starting this September, reminding users to withdraw their balance as soon as possible. 

The company first announced the project three years ago and launched Novi in the USA and Guatemala in October last year to enable users to send and receive money without a transaction fee. 

In December, the social media giant said that it started integrating the service into WhatsApp to allow users to send and receive cryptocurrencies within the popular messaging app. 

However, the company announced that both the mobile app of Novi and Novi on WhatsApp will be shut down on September 1, 2022 and users won’t be able to access and add money to their accounts after then. 

Meta is also reminding users to withdraw their money ‘’as soon as possible’’ by transferring their balance to their bank accounts. Meanwhile, users in Guatemala will also be able to get their money in cash at withdrawal locations. 

Until the shutdown day, users will be able to request a copy of their Novi information. 
Recently, Meta also announced that it’d slow down its hiring process due to a deep economic downturn. “If I had to bet, I’d say that this might be one of the worst downturns that we’ve seen in recent history,” said Meta CEO Mark Zuckerberg