Facebook is renaming and rebranding its digital wallet from Calibra to Novi. Though the name and look have changed, the mission hasn't.
May 26 2020 | AtoZ Markets – The Facebook-backed Libra cryptocurrency project is still coming, but Calibra is no more. That’s because today, Facebook announced that it has rebranded its own Libra wallet.-
Facebook is renaming and rebranding its digital wallet from Calibra to Novi
Facebook announced Tuesday it’s renaming and rebranding its digital wallet from Calibra to Novi. However, the rebrand is meant to clarify the messaging around the Facebook-backed stablecoin, according to Libra co-creator and head of Novi David Marcus.
— David Marcus (@davidmarcus) May 26, 2020
The rebranding of Calibra won't change the mission
According to Marcus and a Facebook news post, the name is inspired by the Latin words for “new” (“novus”) and “way” (“via”). The Novi branding also includes the Libra logo within the wordmark. Though the name and look have changed, the mission hasn't, according to the announcement:
"While we’ve changed our name from Calibra, we haven’t changed our long-term commitment to helping people around the world access affordable financial services."
Novi will be available as a standalone app and also integrated within Facebook’s Messenger and WhatsApp services. Users must be verified via government-issued ID before using Novi.
Facebook plans to release Novi across a select set of countries once the Libra network mainnet is live, offering cross-border payments. A larger rollout will follow. Today’s rebrand of Calibra follows a wave of hiring by both Libra and the wallet subsidiary, which as of late April had planned to hire 50 people in Ireland.
Libra will be pegged to a single fiat currency
The Libra Association recently updated its white paper to make important changes to the cryptocurrency protocol. The association is no longer building a global stablecoin tied to a basket of fiat currencies and securities.
When Libra launches, there will be several stablecoins. Each of them will have the backing of a single fiat currency, such as USD, EUR, GBP, or SGD. Novi users as well as people using other Libra-enabled wallets will be able to send and receive LibraUSD, LibraEUR, LibraGBP, or LibraSGD. Novi will also act as a ramp to convert fiat money to crypto assets and cash out your cryptocurrencies to traditional fiat currencies.
Novi plans to launch its wallet when the Libra network goes live. Only a limited set of countries will be able to access the service at first.
Do you think Facebook will have success with its Libra cryptocurrency? Share your thoughts in the comment section below!