Meta is shutting down its Novi wallet. The social media company is asking its users to withdraw their funds—either by transferring them to their bank accounts or withdrawing them as cash.
Novi users will lose all access to the wallet in September as Meta urges them to withdraw their funds, ending the roller coaster that has been the Diem project.
Diem is reportedly in talks with Silvergate Bank for the sale of the Diem project’s assets as it seeks to refund the early investors such as Coinbase and a16z.
Five U.S. lawmakers wrote a letter to Zuckerberg urging him to discontinue the Novi and Diem ventures, stating that Facebook can’t be trusted to manage a digital currency.
Facebook has faced an uphill task bringing regulators onboard with its Diem payment system, even after pouring millions into lobbying and rebranding efforts.
Facebook will be launching the first Libra-issued digital asset in early 2021, it will be a stablecoin backed 1 to 1 with the US dollar