Bloomberg first reported that Meta had ended the pilot program for Novi, its digital wallet, and the last piece of its troubled cryptocurrency projects. 

Meta, the company's digital wallet, has announced that it will close on September 1, 2022. However, users are asked to withdraw funds as soon as possible.

Users will lose access and be unable to add money to Novi beginning July 21. 

Meta will attempt to transfer funds to the account or the debit card if the user forgets to withdraw the remaining balance.

Meta launched the "small pilot" version of Novi last October to users in the US, Guatemala, and other countries. 

Novi was initially designed to allow fast, free transactions with the Meta-backed cryptocurrency Diem. 

However, regulatory issues forced Coinbase to partner with Coinbase to use the Paxos stablecoin USDP instead. 

Meta stated that it would continue to support Diem in the future, but things began to unravel at the end of 2021 and early 2022.

Meta was the name of Facebook's parent company before Diem was called Libra. However, the cryptocurrency project was under scrutiny due to its Facebook connections. 

Libra, an independent group that created the project, changed the name to Diem to try to distance itself from Facebook.

The US Senate demanded that Meta close down its Novi project within a month of its launch in October 2021. 

David Marcus, the head of Meta's cryptocurrency projects, quit the company one month later. 

The project ended when Diem sold its assets at the start of the year for around $200 million.

Meta will continue to develop its digital assets and wallets even though Diem is over. 

Meta has started to test NFTs (nonfungible tokens). Recently, Meta added support for NFTs via Facebook for selected creators located in the US. 

According to reports, the company is working on a digital currency called "Zuck Bucks" that is not based on blockchain.

Last Month, Mark Zuckerberg hinted at creating a digital wallet to help you store and manage "digital clothing", art, music, videos, experiences, and more. 

This is in keeping with the goals of the Metaverse Standards Forum, which Meta and other companies founded. 

It promotes industry-wide standards for virtual reality and augmented reality experiences.