Facebook’s Calibra digital wallet did rebranding and changed its name to Novi. The company also shared new project information.
Calibra changes its name to avoid mistakes
As the Novi representative said, the main reason for the change was to avoid making a mistake with cryptocurrency Libra.
“When we announced the cryptocurrency Libra and the Calibra wallet last June, we wanted to show that Calibra, the digital wallet, is closely linked to Libra, the global payment system. Both brands were born from the same vision to give people greater access to the global economy. However, we found that Calibra and Libra sounded too similar and people were wrong, so we decided to make a difference between them. “
The new name, which comes from the Latin words “novus”, meaning “new” and “via” or “way”, aims to show that the product created by Facebook will not be the only wallet based on blockchain Libra.
“We hope that Novi will be one of many wallets”
– said the spokesman of the project.
According to an official press release, the Novi wallet will be released as a stand-alone application. It will also be integrated with Messenger and WhatsApp – two messengers belonging to Facebook, with a total of over 3 billion users.
All users will have to go through the document verification process and “fraud protection will be built into the entire application.”
Although the new portfolio design is intended to “represent the smooth movement of digital currencies,” it currently does not plan to support any other cryptocurrencies than those created by Facebook. Libra will be represented by stablecoiny such as LibraUSD, LibraEUR and LibraGBP, as well as multi-currency digital coin LBR.
Libra has introduced a number of changes
Earlier this year, the Libra Association introduced a number of changes to make the project more attractive to regulators. She submitted an application for a payment system license to the Swiss financial regulator FINMA. She also updated her Whitepaper to present a better strategy for future project activities. Basically, the changes are that some network user activities will be limited.
To further emphasize its commitment to compliance, the Libra Association employed financial veterans such as Robert Werner and Stuart Levey. They are specialists in the field of financial crime. Werner can boast of cooperation with entities such as the Financial Crimes Enforcement Network (FinCEN), Goldman Sachs and Merrill Lynch. Stuart Lavey was the main lawyer of HSBC Holdings.