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Novi

Novi

Novi is a wallet developed by Facebook that supports international wealth transfer.

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Edits on 13 Jul, 2022
Amy Tomlinson Gayle
Amy Tomlinson Gayle edited on 13 Jul, 2022
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Novi shut downshutdown
Amy Tomlinson Gayle
Amy Tomlinson Gayle edited on 13 Jul, 2022
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Novi

Novi is a wallet developed by Facebook that supports international wealth transfer.

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Novi, formerly known as Calibra, is a digital wallet that was launched by Novi Financial, a subsidiary of Meta (formerly known as Facebook). The name Novi came from a portmanteau of the Latin words "novus" (meaning "new") and "via" (meaning "way") to describe the purpose of the product, which was a new way to send money.

A small pilot program for the product was launched in October 2021 in Guatemala and the United States. The program allowed for users to send money instantly using the Paxos (PAX) stablecoin, in partnership with Coinbase. Users could use the app to send PAX from the United States to Guatemala and change its local fiat currency.Novi was launched to test core feature functions and operational capabilities. The pilot program was launched without Diem, the cryptocurrency backed by Novi's parent company, due to a lack of regulatory approval.

In July 2022, Meta announced that it will shut down the app in September 2022. In the announcement, the company urged Novi users to withdraw their money from their acocunts and stated that they would no longer be able to add funds after July 21, 2022. Users were also told that one the pilot program ended, they would no longer have access to their transaction history or data. It has been reported that the shut down was due to regulatory and security issues with the app.

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A small pilot program for the product was launched in October 2021 in Guatemala and the United States. The program allowed users to send money instantly using the Paxos (PAX) stablecoin, in partnership with Coinbase. Users could use the app to send PAX from the United States to Guatemala and change its local fiat currency. Novi was launched to test core feature functions and operational capabilities. The pilot program was launched without Diem, the cryptocurrency backed by Novi's parent company, due to a lack of regulatory approval.

Novi shut down

In July 2022, Meta announced that it will shut down the app in September 2022. In the announcement, the company urged Novi users to withdraw their money from their accounts and stated that they would no longer be able to add funds after July 21, 2022. Users were also told that once the pilot program ended, they would no longer have access to their transaction history or data. It has been reported that the shutdown was due to regulatory and security issues with the app.

Edits on 12 Jul, 2022
Jessica Karpinski
Jessica Karpinski edited on 12 Jul, 2022
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Jessica Karpinski
Jessica Karpinski edited on 12 Jul, 2022
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Jessica Karpinski
Jessica Karpinski edited on 12 Jul, 2022
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Novi

ANovi is a wallet developed by Facebook that supports international wealth transfer

Article
Overview

Novi, formerly known as Calibra, is a digital wallet that was launched by Novi Financial, a subsidiary of Meta (formerly known as Facebook). The name Novi came from a portmanteau of the Latin words "novus" (meaning "new") and "via" (meaning "way") to describe the purpose of the product, which was a new way to send money.

A small pilot program for the product was launched in October 2021 in Guatemala and the United States. The program allowed for users to send money instantly using the Paxos (PAX) stablecoin, in partnership with Coinbase. Users could use the app to send PAX from the United States to Guatemala and change its local fiat currency.Novi was launched to test core feature functions and operational capabilities. The pilot program was launched without Diem, the cryptocurrency backed by Novi's parent company, due to a lack of regulatory approval.

In July 2022, Meta announced that it will shut down the app in September 2022. In the announcement, the company urged Novi users to withdraw their money from their acocunts and stated that they would no longer be able to add funds after July 21, 2022. Users were also told that one the pilot program ended, they would no longer have access to their transaction history or data. It has been reported that the shut down was due to regulatory and security issues with the app.

Further Resources

Title
Author
Link
Type
Date

The last remnant of Facebook's crypto project shuts down September 1

Jonathan Vanian

Web

July 1, 2022

Infobox
Discontinued date
2022
Launch date
October 2021
Industry
Timeline

July 1, 2022

Meta announces that it will shut down Novi in September 2022.

October 2021

Novi launches in Guatemala and the United States of America.
Edits on 22 Nov, 2021
Leeds Rising
Leeds Rising edited on 22 Nov, 2021
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Description (+74 characters)
Article (+1 videos) (+54 characters)
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Novi

A wallet developed by Facebook that supports international wealth transfer

Article

Table

Title
Author
Link
Type
Date

Coming in 2020: Calibra | Meta

Web

June 18, 2019

Welcome to Novi | Meta

Web

May 26, 2020

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Leeds Rising"Created via: Web app"
Leeds Rising created this topic on 22 Nov, 2021
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 Novi

Novi is a wallet developed by Facebook that supports international wealth transfer.

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