Meta plans to close down its Novi digital wallet on September 1, it announced on Novi’s website, informing customers that the Novi pilot is ending and will no longer be available.
The company formerly known as Facebook urged users to withdraw any remaining balances from their Novi accounts before that date and said they could choose to transfer their funds to bank accounts or withdraw them as cash, where applicable.
After the closure, users will no longer be able to log into the accounts and will lose access to their transactions and activities data, so they may wish to download that information now within the Novi app settings, the company added.
Meta released Novi in October in a beta version along with cryptocurrency exchange Coinbase, which provided digital storage and security technologies, CNBC reported on Friday.
While Meta is closing the Novi pilot, the company said it will repurpose the technology for future products, including its metaverse initiative, according to CoinDesk.
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