Calibra's Facebook digital wallet was rebranded and renamed to Novi. The company also shared new information about the project.
Calibra is renamed to avoid confusion
As Novi's representative said, the main reason for the change was to avoid a mistake with the cryptocurrency Libra.
“When we announced Libra and Calibra last June, we wanted to demonstrate that Calibra, the digital wallet, was closely linked to Libra, the global payment system. Both brands were born out of the same vision, to give people more access to the global economy. However, we’ve found that Calibra and Libra sounded too similar and people were getting confused, so we set out to create distinction between the two.”
The new name, which comes from the Latin words "novus" for "new" and "via" for "way", aims to show that the product created by Facebook will not be the only wallet based on Libra's blockchain.
"We hope that Novi will be one of many wallets."
, said the project spokesman.
According to the official press release, the Novi wallet will be released as a standalone application. It will also be integrated with Messenger and WhatsApp - two Facebook-based instant messaging apps with over 3 billion active users.
All users will have to go through the document verification process and "fraud protection will be built into the whole application".
Although the new wallet design is intended to "represent the smooth movement of digital currencies", it currently has no plans to support any other cryptocurrencies than those created by Facebook. Libra will be represented by stablecoins such as LibraUSD, LibraEUR and Libra GBP, as well as multi-currency coin LBR.
Libra has made changes
Earlier this year, the Libra Association introduced a number of changes to make the project more attractive to regulatory authorities. It submitted an application for a payment system licence to the Swiss financial supervisory authority FINMA. It also updated its White Paper to show a better strategy for future activities of the project. Essentially, the changes have limited what users will be able to do in network.
To further emphasize its commitment to compliance, the Libra Association hired financial veterans such as Robert Werner and Stuart Levey. They are specialists in financial crime. Werner can boast of cooperation with entities such as Financial Crimes Enforcement Network (FinCEN), Goldman Sachs and Merrill Lynch. Stuart Lavey, on the other hand, was the chief lawyer at HSBC Holdings.