The Novi digital wallet is shutting down for good — three years after the tech giant first unveiled its ambitious plans for Libra to the world. ❌
Facebook's ambitions to offer a digital wallet to billions of users have been dealt a fatal blow.
Novi customers are being told it is "important" to withdraw their remaining balances to a bank account by the end of the summer.Facebook had a vision of creating a decentralized blockchain that would shake up the world of remittances — enabling friends and family to send money across borders with minimal fees.
The Libra Association — a not-for-profit that was meant to oversee the blockchain and this digital asset — also suffered huge setbacks after a number of major brands, Visa and Mastercard, swiftly departed. Paxos CEO and co-founder Charles Cascarilla had argued passionately in favor of digital dollars during congressional hearings — and had said stablecoins were meant to broaden access to USD rather than challenge it:
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