Facebook renames Calibra wallet for payment method Libra to Novi
Facebook announces Novi, which is a new name for the social network’s digital wallet, previously known as Calibra. According to Facebook, the functionality will not change. Novi must become a wallet for payment method Libra.
The name Novi, according to Facebook, comes from the Latin words novus and via, or new and gone. Why Facebook is removing the name Calibra, the social network does not say. In addition to a new name, the wallet will also receive a new logo and Facebook has put a Novi website online.
Facebook is going to develop a separate Novi app and integrate a version in WhatsApp and Messenger. Users can add money to the wallet and then transfer it to other users or make online purchases. To sign up for the service, users must provide proof of identity.
Novi was already part of Facebook’s Libra announcement in June last year, but at the time under the name Calibra. It was advertised as a quick and easy money transfer service. Initially, Facebook had planned to introduce a single stablecoin for payments, called Libra, but after much criticism from regulators and the loss of many partners, those plans were changed significantly in April this year.
According to Facebook’s new plans, the payment platform will support multiple single-currency stablecoins, in addition to a multi-currency coin. The Novi website shows that there is at least a link with the euro, the British pound and the US dollar. It is not yet known when Novi will be released and when Libra will be used. Facebook has yet to get approval for that.