The rest of Meta Platforms Inc.'s project is shutting down.
The service said on its website that it would end on September 1st.
The company said on the Website that both the app and the messaging service will not be available anymore. Users will no longer be able to add money to their accounts on July 21st. After the pilot is over, users won't be able to see their transaction history.
A company spokesman said in an email that the company plans to use the technology in future products.
Meta said in the statement that they are already using the years spent on building capabilities for Meta to introduce new products. We are very optimistic about the value these technologies can bring to people and businesses in the metaverse, so you can expect to see more from us.
The pilot was launched in October of last year. Paxos Trust Co.'sUSDP stable coin was used to allow wallet users from parts of the U.S. and Guatemala to conduct transactions. The funds were being safeguarded by the company, Coinbase Global Inc.
When he testified before Congress, he tried to assure them that his company wouldn't launch Diem without approval.
Over the past few years, the ambitions for Diem have been scaled back due to regulatory scrutiny. The head of the wallet effort left a year ago. In January, Diem's assets were sold.
Meta has expanded its test to include art like cute monkeys and penguins on its sites.
The unwind of Meta's ambitions for Novi is happening in a downturn in the market for cryptocurrencies and other financial instruments.
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