acebook has changed the name of its digital wallet, Calibra, which it hopes will one day be used to access Libra digital currency, to Novi, and the company said in a post that the new name is inspired by the Latin words novus and via.
Novi Financial has become the new name of Facebook’s subsidiary company, which is developing the company’s digital portfolio, and the new name is the latest in a series of changes made by Facebook to digital currency plans, after it faced severe regulatory pressure since its announcement last June.
When Facebook revealed the Libera cryptocurrency project, there were two distinct entities: the Libera Society, a non-profit organization that oversees everything related to the currency, and Calibera, a Facebook company that builds a Libera-based portfolio with its merger into WhatsApp and Messenger.
The social media giant initially sought to develop a single Libera currency linked to a group of national currencies, but is now planning to link multiple digital currencies to individual currencies, in addition to the Libera currency, and these currencies may initially include the US dollar, sterling and the European euro, according to Novi.
And the Facebook digital wallet got a new logo in addition to the new name, after the original Calibra logo sparked controversy when it was announced for the first time due to the similarities with the current application logo.
Despite these changes, Facebook says that its plans regarding Novi and Libera will remain the same, as it wants to make sending money as easy as sending a message, and plans to develop a separate Novi application, in addition to a version that integrates with WhatsApp and Messenger services, to allow users to send money To contacts.
Facebook says that the user needs to use an identity issued by a government agency to subscribe to the service, but she promises that the transfer will take place without hidden fees, and that users will be able to access chat-based support 24/7.
By changing the Calibra brand to Novi, Facebook is trying to make it clear that the Libera project is not a Facebook project in itself, but rather that it is just a member of the Libera Association with dozens of other members, such as Uber and Spotify.