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February 9, 2022 04:15 pm

Facebook Freezes Novi Digital Wallet Project

Meta has frozen development of its Novi digital wallet project, Israeli media Globes reported this week, citing sources familiar with the matter. From the report: The project was originally planned for trading in Facebook's cryptocurrency -- an activity that has been halted. Following this latest step, Facebook will disband several teams in the US and at the company's development center in Israel, new tasks are being sought for the risk management technology division, which was set up to provide services for the digital wallet. This latest step comes as Meta has begun 2022 by cleaning its desk. While suspending the Novi digital wallet project, Meta is examining the possibility of transferring more financial services to Facebook Pay -- another wallet infrastructure that the company has already opened -- thus leaving Novi as an NFT trading platform for creating digital art or animated games accessories. Due to the fact that Novi activities are at the expense of the Facebook Pay infrastructure, which is already used on platforms like Facebook Stores and Facebook Marketplace, the company is grappling with the question of if there is any point in continuing Novi's development. Despite the freezing of most of Novi's financial development activities, the project's pilot in the US and Guatemala, which began last October, will continue.

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