FACEBOOK’S CRYPTOCURRENCY PROJECT REBRANDED?
The social media giant’s cryptocurrency project is no longer “Calibra”. See details on the rebrand.
In an announcement on May 26, 2020, Facebook confirmed the rebranding of Calibra, its subsidiary responsible for the Libra project to Novi.
The name Novi stems from the Latin words “novus” for “new” and “via” for “way.” Seemingly, Novi represents a “new way” to send money.
The company claims they haven’t changed their long-term commitment which is to help people around the world access affordable financial services.
“With Novi, sending money will be as easy as sending a message. You’ll be able to use Novi as a stand-alone app, as well as in Messenger and WhatsApp. There will be no hidden charges to add, send, receive, or withdraw money and your transfers will arrive instantly” – the company said.
The first product Novi Financial plans to introduce is the Novi digital wallet designed for Libra, a new payment system built on the innovative blockchain technology.
Note however that all Novi users will undergo KYC (Know-your-customer) procedure which requires verification using a government-issued ID. According to the report, fraud protections will also be built-in throughout the app.
An early version of Novi will be introduced when the Libra network is available and will be rolled out first in an initial set of countries, with features that will make cross-border money transfers instant, secure, and with no hidden fees.
If you want to be notified first when Novi is available, sign up here.