Facebook announced that Calibra has a new name, Novi. When Facebook revealed Libra, its cryptocurrency project, there were two different entities the Libra Association, a not-for-profit that oversees all things Libra, and Calibra. This Facebook subsidiary is developing a Libra-based wallet with combinations in WhatsApp and Messenger. Today.
A new name is just the latest in a list of changes Facebook has made to its digital currency plans, which have suffered intense regulatory pressure since their announcement last June.
Although Facebook initially stated that there would be a single Libra coin tightened to a collection of national currencies, it now plans to have multiple digital coins pegged to individual currencies in interest to a combined Libra currency. Novi’s website says that, initially, these currencies will add the US dollar, the British pound, and the Euro.
The Libra blockchain is deemed to operate independently from Facebook, while Novi is a genuine Facebook project headed by David Marcus. According to the company, Novi arises from the Latin words “Novus” (new) and “via” (way).
With the new name, Facebook’s digital wallet is also getting a new logo. Calibra’s original logo created controversy when it was first announced because of its connections to the startup bank Current. Novi’s logo ditches this old design in favor of a stylized version of its name, with the Libra logo included within its “o.”
The Facebook subsidiary requires to be reassuring when it occurs to money laundering and know-your-customer regulation. When you sign up to Novi, you’ll have to take a photo of a government-issued ID. Novi isn’t a way to send money anonymously.
Facebook’s digital currency plans have had a rough ride since its announcement. It announced the project with a multitude of partners from the world of online finance, e-commerce, and tech.
A
However, as of October last year, a quarter of the Libra Association’s original 28 members had fallen out over possible regulatory concerns. This year has seen the Libra Association announce new members, however.
Novi ensures immediate transactions and “no hidden fees” for cross-border money transfers and local payments. It’s unclear whether Novi means there won’t be any fees, or there will be fees, but the company will be open about them.
The Libra Association newly renewed its white paper to make significant changes to the cryptocurrency protocol.
When Libra launches, there will be several stablecoins — each of them will be backed by a single fiat currency, such as USD, EUR, GBP, or SGD. Novi users, as well as people using other Libra-enabled wallets, will be capable of sending and receive LibraUSD, LibraEUR, LibraGBP, or LibraSGD.
Novi intends to launch its wallet when the Libra network goes live. Only a limited set of countries will be able to enter the service at first.
A new name is one thing, but the challenges of setting up a digital currency aren’t going anywhere. Facebook did not state a launch date for Novi or Libra as part of today’s announcement, noting only that an “early version” of Novi will be begun.