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Meta is pulling the plug on its crypto payments wallet, Novi


Three years after Facebook announced its ill-fated push into cryptocurrency, aka the Libra project, the tech giant has signalled another scaling back of its activity — announcing Friday that Novi, the digital wallet payments pilot it launched last October, will be ending on on September 1.
In a statement provided to CoinDesk, the tech giant that’s now known as Meta suggested it has plans to repurpose the digital wallet technology (neé Calibra) for future products, including those related to its eponymous focus on “metaverse” development. Although it’s not clear exactly what Meta might have in mind for repurposing the Novi tech.
Senior Meta execs have talked up the metaverse as a major opportunity for digital commerce. Albeit, they’ve also cautioned over the lengthy timescales that will be required to develop the sought for market — suggesting it could take decades.
In recent months, the company has also been testing support for digital collectables (aka NFTs) — so Meta having its own digital wallet infrastructure could support a wider push into non-f …

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