Meta shuts down Novi and cancels its plans to use cryptocurrencies

Meta shuts down Novi and cancels its plans to use cryptocurrencies

As the much-publicized name change suggests, Goal is big on the metaverse. To a strange degree, according to employees. However, the company, formerly known as Facebook, is reversing one of the most important aspects of the Metaverse: the cryptocurrencies.

According to a report, Goal will end its three-year experiment with the cryptocurrencies this month. The company will close its cryptocurrency wallet, I did not seein September, but will prevent clients from adding more funds to it in July.

This announcement was made on the website of I did not see, urging its users to withdraw their funds before September 1. The statement, titled simply “the Novi pilot will end soon,” does not go into detail about why Goal walks away from the cryptocurrencies. However, on Twitter, Meta explains that she is not deviating from her plans for the metaverse.

As we continue to focus our efforts on building the metaversewe are ending the pilot of I did not seereads a response from Novi on Twitter. “The technologies we’ve developed will help us build new payment experiences for people and businesses in the metaverse.”

I did not see seemed to be an impetus for normal people to take an interest in cryptocurrencies and the metaverse. Most of their promotional material focuses on how it could be used to transfer money to loved ones faster than you could through your bank.

However, unlike services like PayPal, it converted all of the user’s money into the Pax Dollar (USDP) cryptocurrency. This meant that the amount you would get when you withdraw money from your account I did not see it depended on the value of the Pax Dollars.

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In fact, Goal had explored the possibility of launching its own cryptocurrency. However, he put a stop to this due to pressure from the Regulators, again leaving Novi without much purpose.

It remains to be seen whether the failure of I did not see and his attempts at cryptocurrencies it’s enough for Mark Zuckerberg to stop exploring the idea. However, the drop in his company’s shares has not deterred him, so it is unlikely that he will change course any time soon.

After all, the company is said to be launching a new VR headset in 2024, which will likely be part of its mission for the metaverse.