Meta Closes its Digital Wallet Project

Meta plans to shut down its Novi digital wallet on Sept. 1, just eleven months after the company launched the project.

On its website Meta says Novi users should withdraw their remaining balance on their Novi accounts before the closure date. Customers can either transfer their remaining balance to their bank account or withdraw the digital funds as cash.

The company released Novi last October in a beta version with the help of the cryptocurrency exchange Coinbase. Coinbase acted as Meta’s “custody partner” on the project, providing digital storage and security technologies to help the Novi app secure people’s funds.

Meta closes Novi amid a broad downturn in the cryptocurrency market and new scrutiny on stablecoins.

In January the company had to shut down its another cryptocurrency project Diem. At one point, Meta planned to issue and accept the Diem cryptocurrency, which was backed by a Facebook-led association, in conjunction with the Novi wallet.