Facebook subsidiary Calibra has rebranded to Novi, according to an announcement made by the Libra wallet provider on May 26. The new name is accompanied by a new logo, with the former being a portmanteau of the Latin words “Novus” (new) and “via” (way).
David Marcus, the head of Novi, in the blog post describes Facebook owned Calibra’s new vision for its cryptocurrency services. Aiming to make money as easy to send as a message, Novi will be both a standalone app and have its services integrated in Facebook’s messenger and Whatsapp.
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.
The first product to be launched will the Novi wallet for Libra, according to the post. This will launch when an early version of the Libra network is up and running.
Facebook Under the Scanner
The Libra project has been envisioned as making cross-border payments easier. Initially, it had been designed as a “global stablecoin”, which the Financial Stability Board examined with some harsh recommendations. Numerous lawmakers in various countries felt that Libra could be a threat to the sovereignty of national currencies and have discussed their concerns.
To console these concerns, Libra redesigned its policies in April 2020, now a basket of stablecoins based on various currencies. It has also seen many members leave and join. There has been no indication that it has been banned, but with the US government showing no qualms about shutting down the Telegram project, it is guaranteed that governments will examine Libra closely.