Meta had once entered the crypto space with great ambitions but it has now gracefully said goodbye to the space. Although no official announcement has been made, but even if there was one, then it could have surely gone unnoticed. Mark Zuckerberg along with his company Meta Platforms are no longer in the digital payments project. The move seems to be wise as currently the crypto sector is facing an unpredictable phase in terms of confidence that marks with the fall in price of the digital currencies.
Bitcoin, which is currently dominant in the crypto space, has lost 71.3 percent of its value since it faced an all-time high in November last year. Another popular cryptocurrency is ether which has also got its market value down by 78 percent since it faced its all-time high point in November 2021. Looking at the overall crypto scenario, it has lost nearly more than $2.1 trillion in eight months. It is not just about the falling cryptocurrency prices, but focus is also being made on liquidity which is affecting a number of crypto firms.
It was in the month of May when the sister tokens Luna and UST had led to the bankruptcy of the hedge fund Three Arrows. It had borrowed a large sum of money from a number of crypto lenders like Voyager Digital, Babel Finance and more to invest in Luna. Due to default in payment, the companies are currently in financial crisis and some even had to suspend withdrawals. It actually means that the customers no longer have access to their money.
Meta is now abandoning Novi, a service that allowed people to send money with the help of cryptocurrency. The announcement was made on a website that was dedicated to Novi. The company wrote that the Novi pilot is ending soon and will not be available for use from September 1, 2022. Meta also said that the time could be utilized by people to get their remaining balance and download their Novi information.
Photo Credits: Pixabay
