to touch say goodbye to NovyMeta cryptocurrency wallet (Facebook at launch) and the latest cryptocurrency project gap It was started by Zuckerberg’s company a few years ago. This is the end of a project that has been embroiled in controversy since its inception.

Closing expected by Bloomberg and confirmed by Meta on the project’s official website, September 1, 2022. Users in the United States and Guatemala, where the pilot project has been conducted to date, should withdraw funds to their bank accounts as soon as possible.

Libra to Diem and Diem to Closure

On June 18, Facebook, now Meta, announced the launch of a new Blockchain-based digital currency along with a digital wallet. calibrate. Basically, it was a payment platform for Facebook, Messenger, and WhatsApp, whose purpose was to enable the sending of money between individuals. The thing has since started falling apart.

Libra has come under tremendous scrutiny in both the United States and the European Union mainly because It was the company behind Facebook. Also, partners like VISA, Stripe, eBay, MasterCard or PayPal, who initially supported the project, got off the boat.

The fact that Libra changed its name to Diem had such an impact on the project. There was no official reason, but it was done informally. detach project from facebook. Later, Calibra changed its name to Novi and abandoned its main target, Diem, to jointly bet on the USDP stablecoin of Paxos Trust with Coinbase.

this novi pilot project It was released in October 2021, and at that time, the United States Senate asked Facebook to shut down the project due to lack of trust. David Marcus, director of crypto projects, left the company a month later, and Diem sold his assets to Silvergate Capital for $200 million.

Companies that supported the Libra project at its launch.

Closing of Novi the last nail in the grave of this project. However, Meta claims it “builds on years spent building capacity on the blockchain in general for meta and introducing new products such as digital collectibles.” […] You can expect to see more of us in the Web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metadatabase.”

In that sense, Meta is already testing NFTs on Instagram and has recently launched the same feature on Facebook. We also know that Meta is working on a project. lucky digital wallet for crypto assets in metadata and in Zuck Bucks, an internal currency for your apps.