The completion of the pilot project will also signal the end of the libra stablecoin experiment, which began three years after Facebook’s crypto payments network was introduced.

Ten months were spent testing the cryptocurrency-powered payment mechanism with participants from the United States and Guatemala.

This announcement was added to the website’s home page so that visitors would be aware of the situation. The website announced that as of July 21 users will not be able to deposit funds into their accounts.

The users have been requested by the corporation to remove their funds from the site, and they have been instructed to do so “as quickly as possible.” Additionally, they were told to retrieve and save any pertinent data because Novi’s WhatsApp account and Novi app will also be shut down.

Once the experiment is over, users will also no longer have access to their transaction history and other data.

As of June 2019, Novi, formerly known as Calibra, served as Meta’s wallet for the libra stablecoin (later renamed Diem). As the stablecoin project changed course due to regulatory concerns, its purpose changed.

The Novi project envisioned starting a test for crypto-based remittances in 2020, however, the wallet’s functions were never extended outside of the United States and Guatemala.

The Novi pilot was shut down just five months after Silvergate Capital Corporation purchased Meta’s stablecoin project, Diem.

Diem was intended to be launched as the native currency of the Novi wallet and serve as the stablecoin that powered the Meta ecosystem.

The Novi pilot came to an end after Mark Zuckerberg, the creator of Meta announced on his open Facebook profile on June 22 that Facebook Pay would be replaced by Meta Pay.

The post Will shut down digital wallet Novi in Sept: Meta appeared first on International Finance.

In terms of operations, Meta Pay will operate the same way as it was previously being used for shopping, sending money, and donating to causes on social media websites such as Facebook, Instagram, Messenger, etc.

In his blog post, Mark Zuckerberg wrote, we are developing a wallet for the metaverse which will allow one to securely manage their identity, what they own and how to pay in addition to the present functionality.

He further added, that users will be able to make and purchase a variety of digital products in the future, which will include virtual goods like experiences, virtual events, music, films, and clothes.

The blog post further mentioned that the ownership documentation will be crucial, particularly if customers wish to transfer some of these assets between services. Customers will also get 24/7 customer service via email or chat.

Users should ideally be able to sign into any Metaverse experience and find whatever they’ve purchased there.

There is still a long way to go, this type of connectivity will result in significantly better user experiences and greater potential for producers, Zuckerberg concluded.

This particular change in the name will be initially out in the US and will gradually go global over time.

Mark Zuckerberg is also planning to integrate NFTs into Instagram and Facebook. The company hasn’t listed any further plans on building the metaverse using crypto or any other thing.

Image Credits: Facebook

The post Meta CEO Zuckerberg rebrands Facebook Pay to Meta Pay appeared first on International Finance.