Meta Stops the Novi Experiment

Maybe you never even heard of it, but Facebook (or now Meta) had their own digital wallet, called Novi. It could be used to store crypto currency. Novi started as an experiment in the US and Guatemala. It never made it to other countries.

Due to the lack of success the experiment is now being stopped. Users cannot add new money, and existing users are requested to withdraw their currency as soon as possible. The official end date for the experiment is September 1, 2022. After that they will try to automatically refund your money to any linked payment service (bank card).

Novi started with support for the Pax Dollar, which was linked to the US Dollar. At a later stage Meta also added their own crypto currency Diem. Novi used its own App, and was also available through Whatsapp. It never became a success however, and the Diem Association sold its assets to the Silvergate bank.

With so many cryptocurrencies around these days, some are bound to fail. For now there seem to be no plans by Meta to come up with something new in this domain.