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The logo for Diem, formerly known as Libra, is seen is displayed on a smartphone screen with a Facebook logo in the background.Pavlo Gonchar | SOPA Images | LightRocket via Getty Images

Meta plans to shutter its Novi digital wallet on Sept. 1, just eleven months after the company formerly known as Facebook debuted it.

The company announced the upcoming closure on Novi's website, informing customers that "The Novi pilot is ending soon" and will no longer be available for use after that date.

Meta said Novi users should withdraw their remaining balance on their Novi accounts before the closure date. People can either transfer their remaining balance to their bank account or withdraw the digital funds as cash where applicable, the company said. 

Novi users will be unable to access their accounts after Sept. 1, which means they won't be able to retrieve account information like their transaction history.

The company released Novi last October in a so-called beta, or testing, version with the help of the cryptocurrency exchange Coinbase. Coinbase acted as Meta's "custody partner" on the project, providing digital storage and security technologies to help the Novi app secure people's funds, the crypto exchange said in October in a corporate blog post. 

At the time, Meta pitched Novi as an easy way for people to send and receive money with the help of the cryptocurrency Paxos Dollar, or USDP, stablecoin. At one point, Meta planned to issue and accept the Diem cryptocurrency, which was backed by a Facebook-led association, in conjunction with the Novi wallet.

However, the Diem cryptocurrency project, overseen by the Meta-backed Diem Association, faced intense scrutiny from regulators, which led to its demise. The leader of the project, David Marcus, announced his departure from Facebook last November. In January, the crypto-focused Silvergate bank bought all Diem-associated intellectual property and assets from the Diem Association, a major setback for Meta.

"Despite giving us positive substantive feedback on the design of the network, it nevertheless became clear from our dialogue with federal regulators that the project could not move ahead," Diem CEO Stuart Levey said in a statement at the time. "As a result, the best path forward was to sell the Diem Group's assets, as we have done today to Silvergate."

Since then, stablecoins have come under intense scrutiny amid a broader downturn in the cryptocurrency market. The May collapse of UST, which lost its peg to the dollar, concerned investors and regulators that certain types of stablecoins might not have the backing necessary to redeem them in the case of a run.

Meta shares were flat in after-hours trading at $160.00.


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Nicola Peltz shares emotional post about people who ‘make you feel bad’ amid Victoria Beckham feud rumours

NICOLA Peltz has shared an emotional post about people who ‘make you feel bad’ amid Victoria Beckham feud rumours.

The 27-year-old took to Instagram to open up about how she's been feeling recently.

4Nicola Peltz told fans that her parents have hammered into her to not let people "bring her down"Credit: instagram 4Fans have speculated in recent months if Victoria and Nicola have fallen outCredit: INSTAGRAM

It comes after it was pointed out that her Nicola and mother-in-law Victoria, 48, have ‘ignored each other’ on social media since she tied the knot to her son Brooklyn, 23, in April.

Yesterday actress Nicola posted a snap of herself looking down with a lengthy caption, where she confessed that her mum and dad told her to "not let people bring her down".

Nicola said: "Sometimes I find it hard to show the sad bits of me.

"Growing up with seven siblings and two very strong parents, made me really tough, they hammered it into me to not let people bring me down or hurt my heart.

"It made me put such a wall up to protect myself especially in this industry.

"We all have days where people make you feel bad and it’s okay to be hurt by it.

"I just thought I would write something because I never show this side of me here.

"I wanted to show this side of me. I love you all so much and truly appreciate all of your support.

"It means so much when you guys are kind on my page I want you to know i see you, I hear you, and it means a lot to me ????."

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While many fans rushed to the comments section to share their love and support, others questioned if it could be referencing her relationship with the Spice Girl.

Before Brooklyn and Nicola's lavish £3million wedding four months ago, the pair loved to give each other praise online.

The fashion designer also spoke out openly about her love for Nicola and how excited she was for her to be a part of the family.

But since the lavish nuptials this year, it seems to have changed.

Victoria last liked of Nicola's posts back in May - and hasn't reacted to any from their recent honeymoon.

Meanwhile the Holidate star hasn't reacted to many of her in-law's pictures either.

A family insider didn't rule out rumours of a rift to the Mail, saying: "People constantly speculate about relationships — we don't really care as it's just silly."

And a source told the publication that the Peltz family's attitude towards brand Beckham could be to blame.

They said: "There is a feeling that the Peltzes rather turn their noses up at the Beckhams... the way that they do things and their celebrity profile.

"Meanwhile, the Peltz clan has really embraced Brooklyn. There is a feeling that Brooklyn is now all about the Peltz family and not the Beckhams."

Nicola is the daughter of New York billionaire Nelson Peltz.

To make matters worse, according to the Mail, Victoria wasn't happy when Nicola was labelled 'The new Mrs Beckham' on the cover of Tatler magazine.

And it seems like Nicola isn't keen on moving to the UK to be near Brooklyn's family.

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The married couple are currently based in Los Angeles.

When asked about moving to the UK, she previously said: "I would say ‘No’, but you never know. I love knowing I’m so close to my family.”

4Nicola and Brooklyn tied the knot in April this yearCredit: The Mega Agency 4Nicola pictured with Brooklyn and her in-laws David and VictoriaCredit: 3

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