Facebook’s Libra Wallet Renamed As “NOVI”

Facebook Owned Crypto Wallet Calibra has been Rebranded to Novi on 26/05/2020.

The primary reason for the name change was to avoid confusion with the Libra cryptocurrency.

Answering Cointelegraph a Novi representative told that

“When we announced Libra and Calibra last June, we wanted to demonstrate that Calibra, the digital wallet, was closely linked to Libra, the global payment system. Both brands were born out of the same vision, to give people more access to the global economy. However, we’ve found that Calibra and Libra sounded too similar and people were getting confused, so we set out to create a distinction between the two.”

Novi Representative While answering Cointelegraph

Novi was inspired by the Latin words “novus” for “new” and “via” for “way.” It’s a new way to send money, and Novi’s new visual identity and design represent the fluid movement of digital currencies.

According to the press release, Novi will be released as a standalone app as well as be integrated into Messenger and WhatsApp, two Facebook-owned messengers boasting around 1.3 billion and 2 billion active users respectively.

All customers will be asked for a government-issued ID, while “fraud protections will be built in throughout the app” — a move that seems to stress the company’s compliance in light of the regulatory scrutiny surrounding Facebook’s cryptocurrency project.

Although the wallet’s new design is supposed to “represent the fluid movement of digital currencies,” it does not currently plan to cater to any cryptocurrencies other than the Libra Coins. These are represented by single-currency stablecoins like LibraUSD, LibraEUR and Libra GBP. There is also a multi-currency coin called LBR.

Source : Cointelegraph and the Novi Logo From Navi.Com

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