The big mess of Meta (Facebook) with cryptocurrency continues!

After a bumpy start and changes in strategy (and names), it looks like cryptocurrency isn’t Meta’s forte! The firm has just abandoned Novi, its digital wallet.

Very discreetly, WhatsApp had launched last year a cryptocurrency payment functionality for a limited number of users in the United States, via the latter. This was a pilot program, which was to allow app users to send and receive money instantly, securely and free of charge using the Pax Dollar (USDP), whose value is tied to the US dollar.

On the website of the platform it is stated that Novi will no longer be available from September 1, 2022. Also after July 21, 2022, users will no longer be able to add money to their Novi account. All user accounts will be deactivated at the end of the platform, which means that any remaining money must be transferred before September. Anyway, this test does not seem very conclusive, some mention administrative and regulatory concerns of the project. Also Mark Zuckerberg has decided to put an end to it, posting a new failure in the field!However, the firm intends to continue to dig and invest in web3 to use certain Novi technologies in new products, in particular those related to metaverse.

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