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
Libra
Libra is a yet-to-be-released cryptocurrency proposed by Facebook, Inc., that will aim to serve as a global payment system and a stable financial infrastructure that people across the world can use. The projected release date of the libra cryptocurrency is currently slated for 2020, while the project is currently being managed by the Libra Association.Headquartered from Geneva, Switzerland, the Libra Association main purpose is founded on three pillars.This includes the provision of a framework of governance oversight for the Libra network and Libra reserve, overseeing active operations and longevity of the Libra payment system, and facilitating the flow of services of the Libra Blockchain.The Libra Association is overseen by the Libra Association Council.This is comprised of organizations from the technology, telecommunication, payment, blockchain, venture capital, and nonprofit sectors.The creators of the coin are Morgan Beller, who initially started working on cryptocurrency and blockchain technology at Facebook in 2017, David Marcus, and Kevin Weil. Before the announcement of the Libra cryptocurrency on June 18th, 2019, Facebook had been considering coining the digital currency GlobalCoin or Facebook Coin.Will Libra Ever Launch? Facebook has expressed multiple times that they will not launch the Libra cryptocurrency until all regulatory matters have been met.Facebook CEO Mark Zuckerberg has since assured lawmakers that Libra would not launch without first acquiring approval from United States regulators. Past participants of the Libra Association who left in October of 2019 include PayPal, eBay, Book Holdings, Mercado Pago, Visa, Stripe, and MasterCard. It should be noted that the source code for Libra is written in Rust that is open-source through the Apache License. What’s unique about Libra is that it will not depend upon cryptocurrency mining while only members of the Libra Association will be in a position to validate and process transactions. Facebook plans to launch a digital wallet known as Calibra in 2020, which will serve as an avenue for acquiring Libra along with Facebook Messenger and WhatsApp.
Libra is a yet-to-be-released cryptocurrency proposed by Facebook, Inc., that will aim to serve as a global payment system and a stable financial infrastructure that people across the world can use. The projected release date of the libra cryptocurrency is currently slated for 2020, while the project is currently being managed by the Libra Association.Headquartered from Geneva, Switzerland, the Libra Association main purpose is founded on three pillars.This includes the provision of a framework of governance oversight for the Libra network and Libra reserve, overseeing active operations and longevity of the Libra payment system, and facilitating the flow of services of the Libra Blockchain.The Libra Association is overseen by the Libra Association Council.This is comprised of organizations from the technology, telecommunication, payment, blockchain, venture capital, and nonprofit sectors.The creators of the coin are Morgan Beller, who initially started working on cryptocurrency and blockchain technology at Facebook in 2017, David Marcus, and Kevin Weil. Before the announcement of the Libra cryptocurrency on June 18th, 2019, Facebook had been considering coining the digital currency GlobalCoin or Facebook Coin.Will Libra Ever Launch? Facebook has expressed multiple times that they will not launch the Libra cryptocurrency until all regulatory matters have been met.Facebook CEO Mark Zuckerberg has since assured lawmakers that Libra would not launch without first acquiring approval from United States regulators. Past participants of the Libra Association who left in October of 2019 include PayPal, eBay, Book Holdings, Mercado Pago, Visa, Stripe, and MasterCard. It should be noted that the source code for Libra is written in Rust that is open-source through the Apache License. What’s unique about Libra is that it will not depend upon cryptocurrency mining while only members of the Libra Association will be in a position to validate and process transactions. Facebook plans to launch a digital wallet known as Calibra in 2020, which will serve as an avenue for acquiring Libra along with Facebook Messenger and WhatsApp.
Read this Term 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.
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."
Will Facebook be able to bring its digital currency this year?
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.
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
Libra
Libra is a yet-to-be-released cryptocurrency proposed by Facebook, Inc., that will aim to serve as a global payment system and a stable financial infrastructure that people across the world can use. The projected release date of the libra cryptocurrency is currently slated for 2020, while the project is currently being managed by the Libra Association.Headquartered from Geneva, Switzerland, the Libra Association main purpose is founded on three pillars.This includes the provision of a framework of governance oversight for the Libra network and Libra reserve, overseeing active operations and longevity of the Libra payment system, and facilitating the flow of services of the Libra Blockchain.The Libra Association is overseen by the Libra Association Council.This is comprised of organizations from the technology, telecommunication, payment, blockchain, venture capital, and nonprofit sectors.The creators of the coin are Morgan Beller, who initially started working on cryptocurrency and blockchain technology at Facebook in 2017, David Marcus, and Kevin Weil. Before the announcement of the Libra cryptocurrency on June 18th, 2019, Facebook had been considering coining the digital currency GlobalCoin or Facebook Coin.Will Libra Ever Launch? Facebook has expressed multiple times that they will not launch the Libra cryptocurrency until all regulatory matters have been met.Facebook CEO Mark Zuckerberg has since assured lawmakers that Libra would not launch without first acquiring approval from United States regulators. Past participants of the Libra Association who left in October of 2019 include PayPal, eBay, Book Holdings, Mercado Pago, Visa, Stripe, and MasterCard. It should be noted that the source code for Libra is written in Rust that is open-source through the Apache License. What’s unique about Libra is that it will not depend upon cryptocurrency mining while only members of the Libra Association will be in a position to validate and process transactions. Facebook plans to launch a digital wallet known as Calibra in 2020, which will serve as an avenue for acquiring Libra along with Facebook Messenger and WhatsApp.
Libra is a yet-to-be-released cryptocurrency proposed by Facebook, Inc., that will aim to serve as a global payment system and a stable financial infrastructure that people across the world can use. The projected release date of the libra cryptocurrency is currently slated for 2020, while the project is currently being managed by the Libra Association.Headquartered from Geneva, Switzerland, the Libra Association main purpose is founded on three pillars.This includes the provision of a framework of governance oversight for the Libra network and Libra reserve, overseeing active operations and longevity of the Libra payment system, and facilitating the flow of services of the Libra Blockchain.The Libra Association is overseen by the Libra Association Council.This is comprised of organizations from the technology, telecommunication, payment, blockchain, venture capital, and nonprofit sectors.The creators of the coin are Morgan Beller, who initially started working on cryptocurrency and blockchain technology at Facebook in 2017, David Marcus, and Kevin Weil. Before the announcement of the Libra cryptocurrency on June 18th, 2019, Facebook had been considering coining the digital currency GlobalCoin or Facebook Coin.Will Libra Ever Launch? Facebook has expressed multiple times that they will not launch the Libra cryptocurrency until all regulatory matters have been met.Facebook CEO Mark Zuckerberg has since assured lawmakers that Libra would not launch without first acquiring approval from United States regulators. Past participants of the Libra Association who left in October of 2019 include PayPal, eBay, Book Holdings, Mercado Pago, Visa, Stripe, and MasterCard. It should be noted that the source code for Libra is written in Rust that is open-source through the Apache License. What’s unique about Libra is that it will not depend upon cryptocurrency mining while only members of the Libra Association will be in a position to validate and process transactions. Facebook plans to launch a digital wallet known as Calibra in 2020, which will serve as an avenue for acquiring Libra along with Facebook Messenger and WhatsApp.
Read this Term 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.
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."
Will Facebook be able to bring its digital currency this year?
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.
