Cryptocurrencies, because Meta (Facebook) closes Novi
On September 1st Meta will close its digital portfolio, Novi. This is the coup de grace to Diem, the project of its digital currency. All of Zuckerberg's next moves in the industry
Meta will close Novi, the company's digital payments wallet launched just a year ago .
He first reported this from Bloomberg . On Novi's website, Meta states that the wallet will be closed on September 1, 2022. Therefore, it asks users to withdraw their funds "as soon as possible".
This is the latest act of the Facebook group (now Meta) project for the launch of its own cryptocurrency. Since the announcement of the Libra digital currency project in 2019, Facebook's efforts in the crypto space have remained as controversial as they are ephemeral.
The decision to close Novi comes at a critical time for cryptocurrencies , as the market downturn is intensifying and liquidity problems of key companies such as Celsius Network and Three Arrows Capital. However, this is not an epilogue for Novi. Meta's senior executives spoke of the metaverse as a great opportunity for digital commerce. But they also warned of the long lead times it will take to develop the market, suggesting it could take decades.
All the details.
THE CLOSURE OF NOVI BY META
On September 1st, the curtain will fall on the Novi digital wallet.
Both the independent app Novi and the integration for WhatsApp will have limitations as early as July 21, when subscribers will no longer be able to add money to their accounts.
THE PROJECT
As The Verge recalls, Meta launched Novi's “little pilot” to users in the United States and Guatemala last October. Originally created to support fast and free transactions using Meta-backed cryptocurrency, Diem, the company had to correct the roll in the works. Regulators squeeze forced the company to partner with Coinbase to use the Paxos (USDP) stablecoin instead. While Meta made it clear that he still planned to add support for Diem at a later date, at the end of 2021 and 2022 the process stalled.
NOTHING TO DO WITH DIEM (AND BEFORE LIBRA)
Before Facebook's parent company was known as Meta, Diem was also known by another name – Libra. The cryptocurrency project has had to face a scrutiny of its links with Facebook, so much so that the independent group behind Libra has renamed the project to Diem in an attempt to distance itself from the social network.
WITH A LOOK AT THE METAVERSE
However, the demise of Diem does not mean that Meta is abandoning the idea of developing its own digital assets and related portfolio. Meta spokesperson Lauren Dickson said in an e-mailed statement to The Verge that Meta will use the technology developed alongside the project “on new products, such as digital collectibles”, while looking at “building the metaverse. Expect to see more of us in new contexts, convinced that such technologies can bring great benefits to people and companies in the metaverse ”.
Additionally, Meta founder and CEO Mark Zuckerberg recently also hinted at creating a digital wallet that could help you manage and store “digital clothing, art, video, music, experiences, virtual events and more”. The portfolio would be interoperable between different metaverse experiences, reflecting the goals of the Metaverse Standards Forum.
The Metaverse Standards Forum is an organization aimed at defining common development and communication protocols that make the nascent digital worlds of companies compatible with each other.
Participants in the Metaverse Standards Forum include many of the largest companies working in this space, from chip makers to game companies, as well as established standards-setting bodies such as the World Wide Web Consortium (W3C). Among these, American big techs like Microsoft, Sony and Meta stand out.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/innovazione/criptovalute-perche-meta-facebook-chiude-novi/ on Tue, 05 Jul 2022 05:56:14 +0000.