Facebook has re-branded its Calibra digital wallet to Novi which will facilitate instant cross-border money transfer without any hidden charges associated. The Novi digital wallet will launch along with the Libra network.
In less than a year after Facebook announced its native cryptocurrency Libra, the company decided to give up its crypto strategy. The constant regulatory pressure and scrutiny drove Facebook to this path. Instead of pursuing its native crypto plans, Facebook has decided to offer fiat-tied stablecoins through its digital wallet. Meaning, instead of having a single Libra coin tied to different national currencies, the digital wallet will have multiple stablecoin pegged to individual currencies. In the latest development, Facebook has decided to re-brand its Calibra digital wallet to Novi. As per Facebook, the Novi digital wallet will be a part of the Libra payment system that is still active and alive. The name Novi has been inspired from Latin words “novus” for “new” and “via” for “way.”
Novi’s official website shows that, in the beginning, it will include different currencies like USD, GBP, and Euro. Facebook says that Novi’s new visual identity represents the fluid movement of digital currencies. Besides, the Novi logo also includes the Libra icon representing Facebook’s commitment to the Libra network.
Novi to Help Avoid Confusion with Libra
Speaking to CoinTelegraph, a Facebook spokesperson said that this rebranding was an effort to avoid confusion with Libra cryptocurrency. The spokesperson added:
“When we announced Libra and Calibra last June, we wanted to demonstrate that Calibra, the digital wallet, was closely linked to Libra, the global payment system. Both brands were born out of the same vision, to give people more access to the global economy. However, we’ve found that Calibra and Libra sounded too similar and people were getting confused, so we set out to create distinction between the two.”
Novi’s first product will be a cryptocurrency digital wallet. Besides, Novi will be available as a standalone app as well as in WhatsApp and Facebook Messenger. Facebook says that Novi will transfer your money cross-border almost instantly without any hidden charges involved.
To use Novi, customers need to verify their identity through a government-issued ID card. The app will also have several other app protections in place. In the updated whitepaper, the Libra Association also explains important changes made to the cryptocurrency protocol.
Facebook has said that they will launch the Novi wallet once the Libra network goes live. Initially, this service will be available only to some limited countries.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.