META PULL BACK THEIR HANDS FOR CRYPTO
In a statement to CoinDesk, a technology giant now known as Meta suggested plans to re-use digital wallet technology (neé Calibra) for future products, including those related to its unknown focus on "metaverse" development. Although it is not yet clear what Meta thinks of re-using Novi technology.
Senior Meta executives have referred to metaverse as a major opportunity for digital trading. However, they also warned of the long periods needed to develop the desired market - suggesting it could take decades.
In recent months, the company has also been exploring support for digital collections (NFTs) - so Meta with its own digital wallet infrastructure can support broad-based push-ups that are not frustrated if it decides that there is enough money to be made. previously (but, again, NFT trading prices are much lower compared to last year - as digital collections are cold crypto).
The driver of the Novi, on the other hand, was very basic: It empowered testers to make their free, fast payments with the Novi app, using stablecoin as a transfer method - with Meta marketing saying its technology makes sending money "as easy as sending a message". Testing was limited to US and Guatemala users.
The limited integration with WhatsApp was re-launched last December in a set of US users of the Facebook-managed messaging platform.
However, the wallet project was often hampered by Meta’s crypto aspirations that never materialized as expected - in the face of regression controls and decaying support.
After years of administrative scandals, it is fair to say that Facebook’s reputation problems have hampered its ability to ‘go fast and break things’, as crypto has raised regulatory concerns, regarding issues such as money laundering and money laundering.
So, at the time of its launch, Novi had already been downgraded compared to the initial wish - which included another stablecoin, USDP, rather than a coin associated with the Libra project itself (Diem), for example.
More recently, the wall writing of a digital wallet includes the departure of Meta’s top crypto exec: David Marcus, who was on the lookout for Novi, and who announced his departure in November.
Then in January, the Libra / Diem Association, called the consortium Meta initially set up to direct and direct the crypto project, announced it was coming to an end - selling Diem stablecoin assets. Aka: The game is over.
A note on Novi's website informing users of the payer's impending end does not provide color or context in Meta's decision to pull the plug - the tech bully simply writes:
"Novi will no longer be available for use after September 1. Before Novi leaves, we made it easy for you to find your remaining balance and download your Novi information."
For example, there is no mention of a free crypto market collapse that has led to surprising sales in recent months and has increased the processing of stablecoins over concerns about stability. Any clue to the growing global attention to crypto regulation. But changing market conditions certainly cools Meta interest.