Meta has its money-transfer service which uses its own firm's cryptocurrency digital wallet named 'Novi pilot'. The company is getting shut down on 1st September 2022 so it has given enough time to the users to get their information and to withdraw their balance before it is no longer available.

HIGHLIGHTS
Novi is getting shut down on 1st September 2022
Both the Novi app and Novi on WhatsApp will no longer be available
No one can log in to the account nor would be able to add money to Novi

Novi is a digital wallet that helps people to send and receive money internationally and that too even instantly without any fees. It launched in 2021 with much fanfare and it is one of the biggest tech companies around the world. But the world's number one tech company is going through the effects of the crypto crash. 

The users will lose access to their accounts from September. Along with this, they will neither be able to log in to the account nor would be able to add money to Novi, which was started on 21st July 2021.

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The company has mentioned two ways through which they will be able to withdraw the balance from a Novi account, before September. Well, the first way is that the US and Guatemala customers can transfer money to their bank accounts. The second way is as follows Guatemala customers can get only cash at a nearby withdrawal location.

In case someone forgets to withdraw their remaining balance from Novi, Meta has something to say, i.e., they will 'attempt to transfer' their funds to the bank account or debit card which is added to the service.

The company had announced that both the Novi app and Novi on WhatsApp will no longer be available after the assigned date. Novi was supposed to be a safer way to send and receive crypto for people, and at once it was supposed to work with Diem. However, collaboration with Diem did not happen because Diem collapsed in February this year.

Earlier in June, Mark Zuckerberg the CEO of Meta has also hinted at the creation of a digital wallet that could help the users to manage and store 'digital clothing, art, videos, music, experiences, virtual events, and more,' as per a report.

Also Read: Cryptocurrency Investment Fraud: 7 More Arrested in Nagpur