Facebook has announced on Tuesday a name change of its Calibra wallet subsidiary to Novi.
The new name derived from the Latin word “novus,” meaning “new” and “via” meaning “way.”
Along with the rebranding, the social media giant also redesigned its digital currency wallet platform, highlighting the Libra lines on the wallet logo.
“While we’ve changed our name from Calibra, we haven’t changed our long-term commitment to helping people around the world access affordable financial services,” the official announcement stated.
The name of the subsidiary has also been changed to Novi Financial, and it will operate independently from Facebook, developing the official wallet of the social media giant-proposed digital currency Libra, now handled by the non-profit Libra Association.
The recent announcement by the wallet making subsidiary also provided some insights about its proposed workings.
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Though Novi will operate as a standalone application, it will have interoperability with Facebook’s other popular social messaging apps – Messenger and WhatsApp.
“Whether you’re sending money home to support the family members who supported you, or you’re receiving money from your friends no matter where they are, the Novi wallet will make money work better for everyone,” the announcement added.
The company did not disclose the transaction fee structure; however, it assured that there would be no “hidden charges.”
Facebook did not reveal any launch deadline but clarified that it would be available to certain countries before giving access to all jurisdictions. Also, there will be mandatory government identification verification for all users to “fraud protection.”
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Facebook unveiled its intention to develop Libra in June 2019, aiming for a launch in mid-2020. However, with extreme regulatory backlash, the company was forced to take a step back.
The project also faced internal backlash as many key members of the Libra Association, including Visa, Mastercard, Paypal, and Vodafone, dropped out from the consortium.
Following a restructure in the proposed digital currency’s model, the Swiss non-profit also added a few new members, most notably, Temasek, Singapore’s state-owned investment fund, and Checkout.com, a payment processor from the UK.