Calibra, a company founded last year to develop a digital wallet for the Facebook-backed libra cryptocurrency project, has rebranded as Novi.
According to an announcement on Tuesday, Libra’s wallet provider Calibra has now been rebranded to Novi – a portmanteau of the Latin root words, “novus” meaning new and “via” meaning way. The first wallet product from the firm is intended to hold Libra’s various digital currencies, once the Facebook-led initiative goes live.
Novi also comes with a design revamp that is said to represent “the fluid movement of digital currencies,” but maintains an element of the Libra icon in its logo.
Novi is a subsidiary of Facebook but runs independently of its parent. Founded last year, the company is headquartered in Menlo Park, California.
Once Novi’s digital wallet is launched, users will be able to send money as easily as they send a message, either via a dedicated app or through Facebook Messenger and WhatsApp.
“At Novi we are striving to make money move more freeing around the world and to help people access affordable financial services. Right here in Dublin, we’re growing our team that will support core parts of the Novi wallet, including customer care,” said Novi’s head of operations, Laura Morgan Walsh.
The Libra project has suffered a series of setbacks as regulators and governments set off alarm bells over the perceived risks of the project in terms of financial crimes, some even calling it a threat to monetary sovereignty. In 2019, Facebook’s CEO, Mark Zuckerberg said his company, which leads the Libra Association, would quit if the project were released prematurely.
Read more:
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- The Libra Association Has Added Three New Members: Paradigm, Slow Ventures And Singapore’s Temasek Holdings