Novi (Digital wallet) was launched by Meta, which allowed users to store their digital cryptocurrencies. Another major feature of Novi was it allowed the users to make instant & fee-free payments to each other.
However, it seems that the company didn't achieve the goals it had originally envisioned. As a result, Novi will be shut down just a year after its original launch.
The original idea was to make the process of sending/receiving payments as easy as sending an email or an SMS.
The first crypto project of Meta was dubbed 'Libra', which was launched three years before the launch of Novi. However, the company scaled back and started using USDP stablecoin instead of Diem coin.
Within a month of Novi's official launch, David Marcus (chief of Crypto in Meta) officially left the Diem and the company.
Recently, Meta also issued a message to the Novi userbase suggesting they withdraw all of their funds. After the due date, users will not be able to add or even withdraw money from their accounts.
So if you also have some balance in Novi, it is advisable to withdraw your funds as soon as possible.
The shutdown of Novi is yet another blow to crypto, which is already facing an extended downturn.
In fact, many market experts have started to advise investors that they should brace themselves for the crypto winter.
Bitcoin (BTC) is already down more than 59%, while Ethereum (ETH) lost 70% of its value. And after the eventual shutdown of Novi, things seem to look more gloomy for the crypto industry as a whole.
However, Meta revealed its plan to use the technology of Novi in the upcoming products, especially its famed Metaverse project.
According to the company, they already have years of experience in building new products for the blockchain, such as digital assets.
In fact, the company is committed to doing new projects for the web 3.0 space. They believe that the web 3.0 technologies and cryptocurrencies will pave the way for businesses and people to join the metaverse.