{"id":26062,"date":"2020-05-27T08:20:00","date_gmt":"2020-05-27T06:20:00","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=26062"},"modified":"2020-05-27T08:20:00","modified_gmt":"2020-05-27T06:20:00","slug":"facebook-rebrands-calibra-wallet-to-novi-wallet-to-avoid-confusion-with-libra","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/facebook-rebrands-calibra-wallet-to-novi-wallet-to-avoid-confusion-with-libra\/","title":{"rendered":"Facebook Rebrands Calibra Wallet to Novi Wallet to Avoid Confusion with Libra"},"content":{"rendered":"

When social media giant Facebook revealed to the world its plans to dominate the global payments market last year it launched two entities to handle that task. The first was a Swiss-based not-for-profit association that initially onboarded Visa, MasterCard, and Stripe among other heavy-hitters in their industries. The other was the digital wallet that would be used to store the digital tokens on the Libra<\/a> network.<\/p>\n

To differentiate the two, Facebook named the later Calibra. It seems the distinction between the two entities was important for Facebook, however, the addition of a couple of letters was not enough to achieve what the company was aiming for.<\/p>\n

“After announcing Libra last summer, it became clear that there was more confusion than we wanted,\u201d Facebook exec David Marcus tweeted<\/a>.<\/em><\/p>\n

Marcus is the exec in charge of Calibra which has now been rebranded to Novi wallet to be controlled by the parent company Novi Financial.<\/strong> Calibra was also the Facebook subsidiary that represented its interests in the Libra Association, an association that the new outfit inherits by default.<\/p>\n

Facebook made the announcement<\/a> on Tuesday reiterating its commitment as described in the Libra whitepaper.<\/p>\n

\u201cWhile we\u2019ve changed our name from Calibra, we haven\u2019t changed our long-term commitment to helping people around the world access affordable financial services.\u201d A<\/em><\/p>\n

ccording to the announcement, Novi is scheduled to launch concurrently to the Libra Network, which is planned for later this year.<\/strong><\/p>\n

\"novi<\/p>\n

Facebook also revealed the inspiration for the new identity.<\/p>\n

\u201cNovi was inspired by the Latin words \u201cNovus\u201d for \u201cnew\u201d and \u201cvia\u201d for \u201cway.\u201d It\u2019s a new way to send money, and Novi\u2019s new visual identity and design represent the fluid movement of digital currencies. We\u2019ve also included a nod to the Libra icon in the brand logo to underscore our commitment to the Libra network.\u201d<\/em><\/p>\n

The Novi wallet will be available as a standalone application for anyone without a Facebook account or not using WhatsApp,<\/strong> however, it will also be available on these Facebook platforms allowing anyone to be able to send and receive money akin to sending and receiving a message.<\/p>\n

\u201cThere will be no hidden charges to add, send, receive or withdraw money and your transfers will arrive instantly,\u201d the announcement noted.<\/em><\/p>\n

Facebook, however, did not reveal any transaction charges that will be associated with using the wallet or the upcoming network.<\/strong><\/p>\n

The Novi wallet will ship with KYC<\/strong> and other fraud protection mechanisms whether or not the user is already a user of Messenger or WhatsApp. Users will need to sign up for new accounts using their government-issued IDs.<\/p>\n

The announcement follows a series of new additions to the Libra Association membership as well as staff. The association has brought onboard two former FinCEN executives, the first one to head the association as CEO and the second to head the legal team.<\/p>\n

Also, Libra revised its initial Libra whitepaper discarding the idea of launching a stablecoin backed by a basket of fiat currencies. Instead, Libra will now be launching a slew of stablecoins each backed by a single fiat currency. These various stablecoins will then be used to back a single stablecoin as originally envisioned.<\/p>\n

\n

If you are interested in this project and want to be informed of everything that happens, visit our Cryptocurrency News<\/strong><\/a> section<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

When social media giant Facebook revealed to the world its plans to dominate the global payments market last year it launched two entities to handle that task. The first was a Swiss-based not-for-profit association that initially onboarded Visa, MasterCard, and Stripe among other heavy-hitters in their industries. The other was the digital wallet that would … <\/p>\n

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