The Calibra Digital Wallet by Facebook, that is designed to be used with the Libra cryptocurrency, has now been rebranded to ‘’Novi’’ wallet. The company established a new subsidiary, Novi Financial which will be tasked with developing the newly rebranded wallet as we are reading in the latest Libra news.
Facebook’s highly criticized Libra cryptocurrency which has been in the process of rebranding since last year when there was an increase in pressure from the regulators quickly shut down the projects. In line with the new approach, Facebook announced that it has rebranded the Calibra Digital Wallet as the wallet hoped to be used alongside Libra. according to the blog post of the company, the new wallet will be called Novi which is inspired by the Latin words ‘’new’’, ‘’novus.’’ Apart from the new name, the Novi wallet will have a totally new identity and design. The last design had the Libra icon which Facebook stated it will underscore the commitment to the company of the Libra network.
cThe app will be available both as a standalone app and the integrated Facebook Messenger and Whatsapp app which will require users to verify their accounts through a government-issued ID. Facebook said that the early version of the wallet will be introduced to select countries once Libra becomes available. The company also set up as a new subsidiary called Novi Financial which will be tasked with introducing the new digital wallet.
While Facebook said that Novi Financial will operate independently, the social media giant made it clear that this is actually a Facebook projects. However, the company made a huge effort to distance itself from Libra. David Marcus, the co-creator of Libra wrote:
“We found the old name was a little too close to the name of the Libra payments network. So we’ve made an update to make sure there is clear differentiation and clarity.’’
By showing that Libra is an independent entity and Facebook is only a member is not a surprise. The project became controversial once regulators across the world in the US and worldwide have opposed Libra and led to some of the most high-profile partners such as PayPal and Visa, to leave the platform.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]