Yugocean
Valued Contributor
Facebook's "Novi Wallet" trial project through the Meta Ecosystem is unsuccessful, and is going to be terminated.
Users from the US and Guatemala participated in the platform testing during the eight-month pilot study, which began in October 2021 and ended in June 2022. All participants are now required to take money out of their wallets. As of July 21, 2022, deposits into Novi Wallet will no longer be accepted. However, they will be able to log in until 1 September 2022, which is due end date of the project.
Diem reason is considered as cause of the project's closure. The Diem stablecoin was created in the meta ecosystem to function as the native token of the Novi Wallet, but under pressure from United States regulators, Silvergate Capital Corporation acquired the intellectual property rights to Diem. Later, Novi worked with Coinbase to use the USDP stablecoin powered by Paxos, but this effort was unsuccessful.
Users from the US and Guatemala participated in the platform testing during the eight-month pilot study, which began in October 2021 and ended in June 2022. All participants are now required to take money out of their wallets. As of July 21, 2022, deposits into Novi Wallet will no longer be accepted. However, they will be able to log in until 1 September 2022, which is due end date of the project.
Diem reason is considered as cause of the project's closure. The Diem stablecoin was created in the meta ecosystem to function as the native token of the Novi Wallet, but under pressure from United States regulators, Silvergate Capital Corporation acquired the intellectual property rights to Diem. Later, Novi worked with Coinbase to use the USDP stablecoin powered by Paxos, but this effort was unsuccessful.
