Facebook’s (META -1.16%) digital wallet tied to its cryptocurrency Libra, is getting a new name as the social media giant tries to bring its cryptocurrency to the market.
In a blog post David Marcus, head of the digital wallet said its rebranding from Calibra to Novi, which was inspired by the Latin words “novus” which means new and “via” for way.
IMAGE SOURCE: FACEBOOK.
“It’s a new way to send money, and Novi’s new visual identity and design represent the fluid movement of digital currencies,” wrote Marcus in the blog. “We’ve also included a nod to the Libra icon in the brand logo to underscore our commitment to the Libra network.”
Novi will act as both a stand-alone digital wallet and in Messenger and WhatsApp. Marcus said there are no hidden charges to add, send, receive, or withdraw money, and transfers will be instantaneous. Novi users will be verified via government-issued ID. Facebook said fraud protections have also been built into the app. The aim is to launch Novi when the Libra cryptocurrency network is available. The rollout will first come to a select group of countries, focused on cross-border money transfers, Marcus said.
When Facebook first announced its intentions to launch a cryptocurrency the news was met with a huge dose of skepticism. After all, the tech stock has done a questionable job protecting users data, how can it be trusted with a digital token? Realizing there was a lot of pushback, Facebook has recently retooled its Libra offering and will now support several versions of its cryptocurrency backed by fiat currencies including the euro and U.S. dollar.
