Facebook has rebranded the digital wallet Calibra for its controversial crypto project Libra. The wallet, which is designed to house several digital currencies on the Libra network, will now be called Novi.
The new name will help distinguish the wallet — designed for consumers to store and send their digital assets — from the Libra platform that will allow people to build financial services and currencies for the digital economy.
Novi is the first product of Novi Financial, a subsidiary of Facebook.
According to the announcement,
“With Novi, sending money will be as easy as sending a message. You’ll be able to use Novi as a stand-alone app, as well as in Messenger and WhatsApp. There will be no hidden charges to add, send, receive or withdraw money and your transfers will arrive instantly.
All Novi customers will be verified using government-issued ID, and fraud protections will be built in throughout the app. And, whenever you need it, you’ll have 24/7 access to our chat-based support and customer care team.”
Novi is one of a number of recent changes impacting the Libra project.
In April 2020, Facebook announced a reversal of its original plan to develop a blockchain-based network powered by a single global digital currency.
Following pressure from regulators and government officials, Facebook repositioned Libra as a digital payment network that supports multiple digital Libra coins. The platform will allow people to develop single-currency stablecoins pegged to local currencies. The Libra coin itself (≋LBR) will now be a digital composite of some of the single-currency stablecoins available on the Libra network.
The new currencies are intended to move money at the speed of email, facilitating cross-border transactions and reaching an estimated 1.7 billion around the world who are unbanked.
The platform is also intended to scale to reach billions of people by offering faster and more efficient financial services with lower fees.
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