Facebook has decided to rename the digital wallet Calibra, so from now on, it will be called Novi. The company says the new name was inspired by the Latin words "novus" and "via," which mean "new" and "way." The digital wallet development subsidiary of Facebook will now be called Novi Financial.
Samuel White
The new name is another change that Facebook has planned regarding digital currencies. Although the company initially announced one digital currency, Libra, that was linked to a set of national currencies, it now plans to have several digital coins linked to individual currencies and the combined currency of Libra. The Novi website says that a digital wallet may initially include currencies such as the US dollar, British Pound, and Euro.
The @Libra_ Association has worked with financial institutions to enhance traditional systems and find ways that #blockchain tech can help them better serve everyone. Read how Libra is evolving to provide safer and compliant financial applications: https://t.co/ZYF7wMuBxN pic.twitter.com/tu53iN4QTF
— Facebook for Developers (@fbplatform) May 21, 2020
Along with the new name, the Facebook digital wallet also received a new logo. The previous Calibra logo was blamed for resembling the Current startup logo too much. The Novi logo is now styled according to the name, and the old Libra logo can be seen inside the letter "o."
Samuel White
Despite these design changes, Facebook says its mission of Novi and Libra remains the same. The company wants to make sending money as simple as sending a message. The company plans to create a Novi app and a version for integration with WhatsApp and Messenger messaging services so users can send money to their contacts. The transactions will be deprived of hidden fees, and if necessary, users will be able to contact the support chat 24/7.
Samuel White
