There has been no official announcement that stated Mark and Zuckerberg and his company, Meta Platforms (META) will no longer have a digital payments project. 

With the crypto sector currently going through an unprecedented crisis of confidence marked by a fall in the price of digital currencies, Zuckerberg has chosen his moment well. According to data from CoinGecko, Bitcoin, the king of cryptocurrencies, has lost 71.3% of its value since its all-time high since November 10. Ether, the second cryptocurrency by market value, is down 78% from November as well. In total, the crypto market has lost over $2.1 trillion in eight months.

Besides free-falling of cryptocurrency prices, the attention is focused on the liquidity crunch that is currently affecting many prominent crypto firms. The collapse of sister tokens Luna and UST in May just caused the bankruptcy of the hedge fund Three Arrows, which had borrowed large sums of money from a multitude of crypto lenders like Babel Finance, Voyager Digital  (VYGVF) and BlockFi to invest in Luna. Faced with the default of payment by Three Arrows Capital or 3AC, these firms are currently in great financial difficulty and with some suspending withdrawals. Basically, their customers lost access to their money.

Zuckerberg and Meta, parent company of Facebook, Instagram and WhatsApp are abandoning Novi, an app that was supposed to allow people to send money to each other using a cryptocurrency.

The announcement was made on the website dedicated to Novi.

“The Novi pilot is ending soon,” the company wrote. “Novi will no longer be available for use after September 1.”

“Before Novi goes away, we’ve made it easy for you to get your remaining balance and download your Novi information.”

The social media giant then guides users how to withdraw their money before Novi closes down permanently.

“It’s important that you withdraw any remaining balance in your Novi account before that date. You can choose to transfer your Novi balance to your bank account or withdraw it as cash where applicable.”


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