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Meta's money-transfer service which uses the firm's own cryptocurrency digital wallet 'Novi pilot' is shutting down on 1 September, 2022.

Launched in 2021 with much fanfare, one of the biggest tech companies in the world is apparently feeling the effects of the crypto crash.

Meta has given the time until 1 September to the users to get their information and their remaining crypto balance off the site.

Users will lose access to their accounts come September, and will no longer be able to add money to Novi starting 21 July, reported The Verge.

ALSO READ: Meta warns employees of ‘serious times’ ahead in internal Facebook memo

If someone forgets to withdraw their remaining balance, Meta says it will "attempt to transfer" their funds to the bank account or debit card added to the service.

The company took to their website to announce that both the Novi app and Novi on WhatsApp will no longer be available.

Novi was supposed to be a safe way for people to send and receive crypto, and at one point it was supposed to work with Diem. However, the collaboration couldn't happen because Diem collapsed in February this year.

Earlier in June, Meta CEO Mark Zuckerberg also hinted at creating a digital wallet that could help you manage and store "digital clothing, art, videos, music, experiences, virtual events, and more', The Verge had reported.

The wallet would be interoperable across different Metaverse experiences, reflecting the goals of the Metaverse Standards Forum that Meta and a group of other companies helped form, which calls for industry-wide standards across virtual reality and augmented reality experiences.

With ANI inputs.

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