Calibra, the digital wallet Facebook created to be utilized with its cryptocurrency Libra, has actually now been relabelled to “Novi.” The business developed a brand-new subsidiary, Novi Financial, that will be entrusted with establishing the freshly rebranded wallet.
Libra’s Old Digital Wallet Gets a Brand-new Identity
Facebook’s extremely objected to digital currency Libra has actually remained in the procedure of rebranding given that last summer season, when increased pressure from regulators rapidly closed down the enthusiastic task. In line with its brand-new and refined method, Facebook has announced that it has actually rebranded Calibra, the digital wallet it hoped would be utilized along with Libra.
- The brand-new logo design for Novi wallet. (Source: Facebook)
According to the business’s post, the brand-new wallet will be called Novi, influenced by the Latin words “novus” for “brand-new” and “through” for “method.” Apart from a brand-new name, the Novi wallet was offered a completely brand-new visual identity and style. The current Novi logo design even has a nod to the Libra icon, which Facebook states highlights the business’s dedication to the Libra network.
The app will be offered both as a standalone app and incorporated into Facebook’s Messenger and Whatsapp, needing users to validate their accounts through a government-issued ID.
Facebook is Distancing Itself From Libra With Novi
Facebook stated that an early variation of Novi will be presented to choose nations when the Libra network appears.
The business even established a brand-new subsidiary, called Novi Financial, which will be entrusted with presenting the Novi digital wallet. And while Facebook stated that Novi Financial will run individually, the social networks giant has actually made it clear that Novi is a Facebook task.
Nevertheless, the business has actually made a terrific effort to distance itself from Libra.
” We discovered the old name was a little too near the name of the Libra payments network. So we have actually made an upgrade to ensure there is clear distinction and clearness,” David Marcus, the co-creator of Libra wrote in a post.
Revealing that Libra is an independent entity Facebook is just a member of comes as not a surprise. The enthusiastic task rapidly ended up being questionable as many regulators both in the U.S. and worldwide have actually opposed Libra, leading a few of its most prominent partners, such as Visa and PayPal, to cut ties.
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