Meta is shutting down this service: All you need to know – Times of India

Meta is shutting down its cryptocurrency digital wallet — Novi. According to an online report, the company will put an end to the service this year. Users will soon lose access to their accounts and will also not be able to add any money in the wallet.
Novi shutting down in September 2022
According to a report by Bloomberg, Meta will put an end to its digital wallet Novi on September 1, 2022. After July 20, customers will not be able to add any funds to the wallet. The report further adds that the company is advising users to withdraw their balance as soon as possible.
The company has also warned users that after the final operation day of Novi, the users will not be able to transfer any remaining amount in the wallet to the bank accounts.
Here’s what the company said
The company has also posted a message on the Novi website, which reads, “Both the Novi app and Novi on WhatsApp will no longer be available starting September 1, 2022. When the pilot ends, you will not be able to log in and access your Novi account. Please also be aware that starting July 21, 2022, you will no longer be able to add money to your account.”
With the shutdown of the Novi digital wallet, it appears that the company is putting an end to its plans related to cryptocurrency. Last year in October, the company started a small pilot of Novi.
Talking about the future plans of the company a Meta spokesperson told Bloomberg, “We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles. You can expect to see more from us in the web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse.”