Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

The last remnant of Facebook's crypto project shuts down September 1

The last remnant of Facebook's crypto project shuts down September 1

Meta plans to shutter its Novi digital wallet just eleven months after the company formerly known as Facebook debuted it.
Meta plans to shutter its Novi digital wallet on Sept. 1, just eleven months after the company formerly known as Facebook debuted it.

The company announced the upcoming closure on Novi’s website, informing customers that “The Novi pilot is ending soon” and will no longer be available for use after that date.

Meta said Novi users should withdraw their remaining balance on their Novi accounts before the closure date. People can either transfer their remaining balance to their bank account or withdraw the digital funds as cash where applicable, the company said.

Novi users will be unable to access their accounts after Sept. 1, which means they won’t be able to retrieve account information like their transaction history.

The company released Novi last October in a so-called beta, or testing, version with the help of the cryptocurrency exchange Coinbase. Coinbase acted as Meta’s “custody partner” on the project, providing digital storage and security technologies to help the Novi app secure people’s funds, the crypto exchange said in October in a corporate blog post.

At the time, Meta pitched Novi as an easy way for people to send and receive money with the help of the cryptocurrency Paxos Dollar, or USDP, stablecoin. At one point, Meta planned to issue and accept the Diem cryptocurrency, which was backed by a Facebook-led association, in conjunction with the Novi wallet.

However, the Diem cryptocurrency project, overseen by the Meta-backed Diem Association, faced intense scrutiny from regulators, which led to its demise. The leader of the project, David Marcus, announced his departure from Facebook last November. In January, the crypto-focused Silvergate bank bought all Diem-associated intellectual property and assets from the Diem Association, a major setback for Meta.

“Despite giving us positive substantive feedback on the design of the network, it nevertheless became clear from our dialogue with federal regulators that the project could not move ahead,” Diem CEO Stuart Levey said in a statement at the time. “As a result, the best path forward was to sell the Diem Group’s assets, as we have done today to Silvergate.”

Since then, stablecoins have come under intense scrutiny amid a broader downturn in the cryptocurrency market. The May collapse of UST, which lost its peg to the dollar, concerned investors and regulators that certain types of stablecoins might not have the backing necessary to redeem them in the case of a run.

Meta shares were flat in after-hours trading at $160.00.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
OpenAI Launches GPT‑5, Its Most Advanced AI Model Yet
Brazilian President Lula says he’ll contact the leaders of BRICS states to propose a unified response to U.S. tariffs
US envoy Steve Witkoff arrived in Moscow to seek a breakthrough in the Ukraine war ahead of President Trump’s peace deadline
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Britain's Online Safety Law Sparks Outcry Over Privacy, Free Speech, and Mass Surveillance
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Karol Nawrocki Inaugurated as Poland’s President, Setting Stage for Clash with Tusk Government
US Charges Two Chinese Nationals for Illegal Nvidia AI Chip Exports
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
U.S. Tariff Policy Triggers Market Volatility Amid Growing Global Trade Tensions
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
German Finance Minister Criticizes Trump’s Attacks on Institutions
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Parents Abandon Child at Barcelona Airport Over Passport Issue
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
China Enforces Comprehensive Ban on Cryptocurrency Activities
Grok 4 Video plus Voice, can identify wildlife!
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
The UK Does Not Have a ‘Far-Right’ Problem
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
JD Vance Warns Europe Faces “Civilizational Suicide” Over Open Borders and Speech Limits
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
×