The rapidly progressing firm of Mark Zuckerburg, Meta, has determined to put a stop to the crypto project thereof which has been mostly causing disappointment. The digital wallet of Meta, Novi, will officially be closed on the 1st of the coming September, as declared on the behalf of the firm (previously known as Facebook). The news has come to the front following several ineffective attempts to launch Novi as well as increased regulatory scrutiny.

The earliest concept, which began three years ago in 2019, witnessed that many firm executives were trying to organize a digital wallet (initially named Libra) and intended to run a single mega digital currency throughout the world (just like a stablecoin). Because of the former hindrances experienced by the company in the case of dealing with regulatory organizations, the strategy of launching the wallet was overwhelmed by the mounting scrutiny performed by diverse watchdogs.

This became a cause of several modifications done throughout the years, taking into account the rebranding of the wallet name to Novi – in the previous October – stimulated by Novus (new) as well as via (way), which both are of Latin origin. The firm intended to wipe out the confusion related to the former version. Hence, Novi was introduced to be a beta version, having Coinbase as the custodian, providing the consumers the ability to send funds just like the messages are sent by them.

Meta additionally cautions the present consumers to pull out their funds kept on the venue in advance of the date after which it will be of no use.  After the closure of the project, in September, the customers will not be capable of getting into their accounts and after the 21st of July, none of them can add funds to Novi. Meta will try to send the funds of those who forget to get them, to their debit card or bank account linked to the service.

On the beta version’s launch, it was claimed by meta to introduce a stablecoin named Diem. Nonetheless, the concept additionally reached an uneven conclusion, particularly in the perception of Meta. Many former developers made up their minds to restart the respective project under a unique name (some say Aptos), thus, they have even collected funds of up to $200 million for the construction of a blockchain-based network.