Facebook’s Calibra rebrands to Novi, for its multi-currency wallet.
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In other to speed up the launch of Libra payments ecosystem, Calibra rebrands cryptocurrency wallet to Novi, details tie-up to WhatsApp.
In a recent announcement on Tuesday, Facebook subsidiary and Libra wallet provider Calibra has now been rebranded to Novi.
Novi is a blend of the Latin root words, “novus” meaning new and “via” meaning way—New Way.
The rebranded Novi wallet is expected to hold the Libra’s various digital currencies, once the Facebook-led initiative launches.
Novi also comes with a re-design that will be user-friendly allowing a fluid movement of digital currencies. The Novi logo still have some element of the Libra icon.
“While we’ve changed our name from Calibra,” Novi said in a statement, “we haven’t changed our long-term commitment to helping people around the world access affordable financial services.”
The digital wallet according to Libra will function as a standalone app. The digital currency wallet will seamlessly work with the Facebook’s social messaging apps Messenger and WhatsApp.
The Novi wallet will automate seamless movement of funds with family and friends on social media apps like Messenger and WhatsApp.
Concerning the fee charge per transaction, Novi didn’t provide a detailed standard fee charge for transactions.
The app will require you to verify your identity using the government provided identity documents like the Nigeria voters card in other to initiate transactions.
There is no release date yet but the app will initially be accesible to a limited number of countries.
Financial services offered by Novi now and in the future will be controlled by a separate entity Novi Financial – a Facebook subsidiary that, it said, will function independently from Facebook at its Menlo Park, California, headquarters.
Remember that abinitio, Libra propsoed a multi-currency stablecoin backed by fiat. Now, the new multi-currency stablecoins will be backed by stablecoins and not directly by fiat currencies.
Libra has been making some regulatory compliance moves by signing up two former staffers at FinCEN in recent weeks probably to allow a smooth regulatory compliance operation of its platform.