Meta, the brand which owns Facebook, Instagram and WhatsApp, has called a halt on Novi.
In Brief:
Novi is Meta’s digital wallet available through its own app and on WhatsApp.
It will be closed on 1 September with customers no longer able to withdraw money.
Novi was launched as a pilot in October using the US Pax Dollar, in partnership with Paxos and Coinbase.
What does this mean?
Novi was an example of Meta experimenting with the use of digital currencies for a payments offering, but its projects have hit many setbacks. The closure of Novi could mean Facebook is moving away from this idea, or could mean that the company will be focusing on adding services to its existing apps.
