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Meta’s first venture into cryptocurrencies will see its end in September when the social media giant will officially close its Novi wallet pilot project. Novi’s website has been updated and is informing the project’s pilot users that the platform will be decommissioned on September 1. Users based in the United States and Guatemala will then have ended an eight-month trial of the crypto-powered payment platform. From September 1, users will not have access to their wallets and they are advised to withdraw the remaining funds from their respective Novi wallets while Guatemalan users can withdraw cash at a select site in Guatemala City. Novi users are also encouraged to download their account information before the closure date, including transactions and activity on their accounts. From Sept. 1, users will no longer be able to log into their wallets. Deposits to Novi wallets will also be discontinued from July 21. https://twitter.com/novi/status/1542612391518683136 The shut down of the Novi pilot comes five months after Meta’s stablecoin project Diem was sold to Silvergate Capital Corporation. Initially, Diem was set to become the stablecoin to power the Meta ecosystem as Novi’s native token. Three months ago, the Financial Times reported that Meta been exploring virtual centralized currencies for its Metaverse. The article discussed in-app tokens, controlled by the company or “Zuck Bucks” as they are being referred to by company employees, should replace the now phased out ambitions of a blockchain-based digital currency

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