{"id":451184,"date":"2022-07-04T10:56:16","date_gmt":"2022-07-04T08:56:16","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=451184"},"modified":"2022-07-04T11:08:51","modified_gmt":"2022-07-04T09:08:51","slug":"facebook-kills-cryptocurrency-wallet","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/451184-facebook-kills-cryptocurrency-wallet.html","title":{"rendered":"Facebook kills cryptocurrency wallet"},"content":{"rendered":"<p>Facebook&#8217;s holding company, Meta, is shutting down its Novi cryptocurrency wallet after it only made it to the piloting phase of the project, Bloomberg <strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-01\/meta-to-shut-down-novi-service-in-september-in-crypto-winter\" target=\"_blank\" rel=\"noopener\">reported<\/a><\/strong>.<\/p>\n<p>Both the Novi app and the wallet on WhatsApp will no longer be available come 1 September 2022, and Meta is asking its users to withdraw their funds &#8220;as soon as possible&#8221;.<\/p>\n<p>Users will also lose access to their transaction history and other data when the pilot ends.<\/p>\n<p>A company spokesperson said that Meta still plans to use Novi&#8217;s technology for other products, including its metaverse project.<\/p>\n<p>Meta began testing Novi in October 2021, trading the Diem cryptocurrency token it once favoured for Paxos Trust&#8217;s USDP stablecoin so that users in the US and Guatemala \u2014 where it is piloting the project \u2014 could transact.<\/p>\n<p>The company&#8217;s CEO, Mark Zuckerberg, faced scrutiny from congress over whether then-Facebook would launch Diem, then known as Libra, without regulatory approval.<\/p>\n<p>The regulatory scrutiny led to Meta scaling back its cryptocurrency ambitions.<\/p>\n<p>However, Meta is looking at other digital currency projects. It started testing non-fungible tokens (NFTs) on Instagram and rolled out support for NFTs on Facebook.<\/p>\n<p>According to <strong><a href=\"https:\/\/www.theverge.com\/2022\/7\/2\/23192501\/meta-shutting-down-digital-wallet-novi-diem-cryptocurrency\" target=\"_blank\" rel=\"noopener\">The Verge<\/a><\/strong>, Meta is developing a digital currency dubbed &#8220;Zuck Bucks&#8221;, which is said to be independent of blockchain technology.<\/p>\n<hr \/>\n<h3 class=\"my-4\">Now read: <a href=\"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/451010-nft-marketplace-data-breach-leaves-users-vulnerable-to-phishing-scams.html\" target=\"_blank\" rel=\"noopener\">NFT marketplace data leak leaves users vulnerable to phishing scams<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Meta&#8217;s cryptocurrency wallet will be inaccessible from 1 September 2022.<\/p>\n","protected":false},"author":341076,"featured_media":417006,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[75982,161,59569,1767,73842,74952,79522],"class_list":["post-451184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-diem","tag-facebook","tag-libra","tag-mark-zuckerberg","tag-meta-platforms","tag-novi","tag-zuck-bucks"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/451184"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341076"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=451184"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/451184\/revisions"}],"predecessor-version":[{"id":451230,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/451184\/revisions\/451230"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/417006"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=451184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=451184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=451184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}