Facebook Calibra Digital Wallet Is Now Named Novi In A Rebranding Effort

In a major rebranding effort, social media giant Facebook has announced that its Calibra Digital Wallet shall be rebranded to a new name ‘Novi’. This new development comes as Facebook has been tweaking its digital currency plans this year.

After announcing its Calibra digital wallet and Libra cryptocurrency last year, Facebook went through several regulatory hurdles to make Libra a success. As per earlier plans, Facebook’s Libra cryptocurrency would be a single digital currency tied to several other global fiat currencies.

However, Facebook has moved back from its previous plans, it now plans to have multiple stablecoins tied to individual fiat currencies along with a combined Libra currency.

The Calibra Digital Wallet, now Novi, is inspired by the Latin words “novus” for “new” and “via” for “way”. The Novi digital wallet will play a crucial role in Facebook’s plan of creating a blockchain-based global payments service.

The Novi Digital wallet will initially support global currencies like USD, GBP, and Euro. Besides, it will also facilitate users to make instant global payment transfers. The Novi Digital Wallet will be available as a standalone app as well integrated with WhatsApp and Messenger.

Facebook has assured that there will be no hidden charges to send, receive, and withdraw money through it digital wallet. In the blog post, Facebook added: “All Novi customers will be verified using government-issued ID, and fraud protections will be built in throughout the app. And, whenever you need it, you’ll have 24/7 access to our chat-based support and customer care team”.

Facebook said that the company will be launching its Novi Digital Wallet along with the Libra network. Facebook’s chief of blockchain division David Marcus said: “We found the old name was a little too close to the name of the Libra payments network. So we’ve made an update to make sure there is clear differentiation and clarity. Novi will be just one of the wallets that will eventually be built on the Libra network”.

Note that the rebranding is just part of Facebook’s effort to get rid of the Libra name. However, everything remains same with respect to its functionality. 

“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,” said a Facebook spokesperson.

When it comes to its FinTech plans, Facebook is making bold moves ahead. Recently, it also appointed former FinCEN director - Robert Werner - as its first general counsel.

Werner said: “I have dedicated my career to combating financial crime and helping complex organizations achieve regulatory compliance, both in government and in the private sector. I look forward to meaningfully contributing to such an impactful project.”