'In the approach to the launch of Facebook’s Libra payments ecosystem, a key subsidiary has been given a new name and a new look.
According to an announcement on Tuesday, Libra’s wallet provider Calibra has now been rebranded to Novi – a portmanteau of the Latin root words, “novus” meaning new and “via” meaning way. The first wallet product from the firm is intended to hold Libra’s various digital currencies, once the Facebook-led initiative goes live.
Novi also comes with a design revamp that is said to represent “the fluid movement of digital currencies,” but maintains an element of the Libra icon in its logo.
“While we’ve changed our name from Calibra,” Novi said in a statement, “we haven’t changed our long-term commitment to helping people around the world access affordable financial services.” Just in case you were worried about that.
The digital wallet will operate as a standalone app, as well as providing interoperability with Facebook’s social messaging apps Messenger and WhatsApp.
Aimed to make sending funds to friends or family as “easy as sending a message,” transactions with Novi will arrive instantly, according to the announcement, and will contain no “hidden charges.” Novi didn’t offer any detail on what any standard transaction fees might be.
All Novi customers will need to be verified using government-issued ID, while “fraud protections” will come baked in. The wallet will initially be rolled out to a limited number of countries.
The release date still remains unclear, but the project hopes to introduce “an early version of Novi when the Libra network is available.”
The wallet and future financial services for the project will now be operated by a new entity, Novi Financial – a Facebook subsidiary that, it said, will operate independently from the social media giant at its Menlo Park, California, headquarters.
The Libra project has suffered a series of setbacks as regulators and governments set off alarm bells over the perceived risks of the project in terms of financial crimes, some even calling it a threat to monetary sovereignty. In 2019, Facebook’s CEO, Mark Zuckerberg said his company, which leads the Libra Association, would quit if the project were released prematurely.'
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