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Meta’s Novi wallet pilot set to end

Meta’s first venture into the world of crypto is set to end with the closure of its Novi wallet pilot project in September.

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Meta’s first venture into the world of crypto is set to end with the closure of its Novi wallet pilot project in September.

Novi’s website landing page has been revamped to inform pilot users that the platform will be decommissioned by the start of September. This ends n pilot project that saw users based in the United States and Guatemala participate in a trial of the cryptocurrency powered payment platform.

Users are directed to withdraw the remaining funds from their respective Novi wallets to their linked bank accounts. Guatemalan users can also withdraw holdings in cash at a select site in the city.

Novi users are also notified to download their account information before the closing date, including transactions activity on their respective accounts. The closure of the pilot follows some five months after Meta’s stablecoin project Diem was sold to Silvergate Capital Corporation. Diem was set to be the stablecoin that powered the Meta ecosystem and was initially intended to be the native currency of the Novi wallet.

Regulatory pressure in the United States led to Meta selling the intellectual property of Diem to Silvergate, which was set to integrate the underlying blockchain infrastructure and assets into its existing payment platform.

The failure to launch Diem saw Novi make use of the Paxos-powered stablecoin Pax Dollar as its native dollar backed token for payments. American cryptocurrency exchange Coinbase teamed up with Novi as its custody partner to manage and store user funds.

Meta’s efforts to integrate cryptocurrencies and stablecoins into its ecosystem have been an difficult journey. Facebook’s parent company rebranded to Meta, while the Diem ecosystem also underwent its own rebranding disaster from Libra following massive pushback from regulators around the world.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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