The effects of the crash are being felt by one of the largest tech companies in the world.
Meta's digital wallet, called Novi, is on the verge of extinction. Users have until Sept. 1 to remove their data and balance from the site. CNBC pointed out that this snuffs out the flickering flame from Meta's last few years of work.
It was supposed to be a safe way for people to send and receive digital currency, and at one point it was supposed to work with Diem, the Facebook-backed coin that started life as a joke. Diem died in February of this year.
Without the ability to issue its own currency, the city didn't stand a chance. The site never got out of the alpha stage. It seems that the idea of decentralization doesn't have a place in Meta's corporate walls anymore.
If you've been under a rock, you'll know that it's been crashing. It is not the first time that this has happened, but even coindesk admits that this time feels different. It's difficult to sustain the digital dollar dream right now due to a complex combination of war, inflation, and COVID.
Maybe this is for the best for the people who have lost their jobs because of the current landscape.
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