The Novi digital wallet will be shut down on September 1, announced the company behind the project – Meta . This comes after years of regulatory scrutiny and unsuccessful launch attempts.
The initial idea, started in June 2019, saw several company executives setting up a digital wallet that wanted to operate a single global digital currency . Given the firm’s previous hurdles with watchdogs, the plan faced enhanced scrutiny from different regulators almost immediately.of Libra to Novi , inspired by the Latin words novus and via . The company wanted to clear up some of the confusion with the previous version.as custodian, and users were able to send money “as easily as they send messages.”on Novi’s website, which reads that the wallet will “no longer be available for use after September 1.
It also warns existing users to withdraw all of their funds stored on the platform before that date as they wouldn’t be accessible after it. Upon the launch of the beta version, Novi came with a promise of a stablecoin called Diem. However, that idea also came to anSeveral ex-developers decided to relaunch the project with a different name and even raised $200 million to build a blockchain network.
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