People were confusing Libra and Calibra all the time.David Marcus, Facebook’s head of blockchain.
The Rise of Novi
In an attempt to distance itself from Facebook’s digital currency Libra, Facebook’s blockchain division, Calibra, will get a new name. The Calibra blockchain team is building a digital wallet for Facebook’s apps, which will, in due course, hold the Libra digital currency, but Facebook won’t control the coin according to reports.
The brand new reputation as well as the brand name for the Novi digital wallet will assist individuals to send and store Libra digital currencies. While Novi has changed its name from Calibra, it has not changed its long-term dedication to helping individuals across the world access low-cost financial services.
Facebook’s blockchain division and the Novi digital wallet will now be known as Novi which is a combination of the Latin words “Novus,” and “via” meaning new way, Facebook said in a statement on May 26, 2020.
From Calibra to Novi
In an interview with Bloomberg, David Marcus said: “Renaming Facebook’s blockchain division, which is building products to complement the coin, could alleviate some confusion”.
Novi digital wallet will act as a standalone application to make secure transactions, and it will also provide interoperability with Facebook’s social messaging apps Facebook Messenger and WhatsApp. The launch of the wallet would be restricted to a certain number of countries, and Novi users will need to be verified using the government-issued ID.
\Whether users are sending money home to help support the family members who supported you, or perhaps users are receiving some cash from friends irrespective of where they are, the Novi wallet will make money work a lot better for everyone.
With Novi, transmitting funds will be as simple as sending a message. Users will have the ability to make use of Novi digital wallet as a stand-alone app, as well as in Whatsapp and Messenger. There’ll be no hidden fees to add, send, obtain, and withdraw money, and user transfers will arrive instantly. All Novi users will be verified using government-issued ID, and fraud protections will be developed as part of the app. And, anytime Users want it, users will have 24/7 entry to our chat-based support and customer service team.