Facebook has renamed Calibra, the digital wallet designed to work with its Libra cryptocurrency, to Novi.
Novi, said to be derived from the Latin words ‘novus’ for ‘new’ and 'via' for 'way', is being pitched as a new way to send money, with the new visual identity and design representing ‘the fluid management of digital currencies’.
The wallet changed only in name, not features, according to Silicon Angle. Facebook promises that it will be offered both as a standalone app and in Messenger and WhatsApp. The service promises no hidden charges to add, send, receive, or withdraw money, with all transfers arriving instantly. Customers will require verification in compliance with Know Your Customer laws and fraud protections are offered in the service.
The move comes after the Libra Association announced in April 2020 that it was abandoning its original plan for Libra to be a single global currency to assist cross-border transactions in favour of a network of stablecoins tied to local currencies.
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