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With the collapse of Facebook’s parent company Meta’s digital currency project “Diem” (formerly known as Libra) under regulatory pressure and the liquidation of the Diem Association , its digital wallet “Novi” (formerly known as Calibra) is also coming to an end, less than a year after its launch. , which was declared to be closed.

According to the official announcement , Novi will shut down on September 1, and users will no longer be able to top up their Novi accounts from July 21.

The company also reminds users to withdraw funds as soon as possible. After September 1, Novi App and Novi on WhatsApp will stop serving. If there is still a balance in the user’s account, Meta will try to transfer the remaining funds to the user’s registration on the Novi platform. in your bank account or debit card.

According to a Meta representative, the company still intends to use Novi’s technology in future products, such as its Metaverse.

Facebook began to develop the cryptocurrency wallet Calibra as early as 2019, initially hoping to cooperate with the issuance plan of the stable currency Libra. However , as soon as the Libra issuance plan was announced, it suffered from endless regulatory resistance. Even after the Libra project was revised several times and renamed Diem, and Calibra was renamed Novi, it still could not escape the strict scrutiny of regulatory agencies in various countries.

The beta version of Novi was launched in October 2021, with only small-scale trial operations in the United States and Guatemala, allowing users to make instant, secure and fee-free transfers through stablecoins to and from home and abroad, but because Diem has not yet obtained regulatory licenses , forcing Meta to partner with stablecoin issuer Paxos and cryptocurrency exchange Coinbase to switch to another stablecoin, Paxos (USDP).


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