Meta is pulling the plug on its crypto payments wallet, Novi – TechCrunch
— Looming end, Decision, Changing market conditions, Digital commerce, Testing support, Diem association, November, Wider crypto market free fall, Ability, Website informing users — 1 min read
Novi, the digital wallet payments pilot it launched last October, will be ending on on September 1. The tech giant that’s now known as Meta suggested it has plans to repurpose the wallet technology for future products. The pilot was limited to users in the US and Guatemala, and integration with WhatsApp was also rolled out last December for a subset of US users of the Facebook-owned messaging platform. But changing market conditions are surely further cooling Meta's interest, as crypto raised the stakes for regulatory concerns, around issues like money laundering and currency volatility. The wallet project was generally hampered by Meta's crypto ambitions never having panned out as hoped — in the face of regulatory push-back and withering support. The company has also been testing support for digital collectables Source