Published On: Wed, May 27th, 2020

Facebook rebrands Libra wallet Calibra to Novi

When Facebook denounced Libra, a cryptocurrency project, there were dual graphic entities — the Libra Association, a not-for-profit that oversees all things Libra, and Calibra, a Facebook auxiliary that is building a Libra-based wallet with integrations in WhatsApp and Messenger. Today, Facebook announced that Calibra has a new name, Novi.

By rebranding Calibra to Novi, Facebook is perplexing to make it super pure that a Libra plan isn’t a Facebook plan per se. Facebook is only a member of a Libra Association with dozens of other members, such as Andreessen Horowitz, Coinbase, Iliad, Lyft, Shopify, Spotify, Uber, etc.

The Libra blockchain is ostensible to work exclusively from Facebook, while Novi is a pristine Facebook plan headed by David Marcus. According to a company, Novi comes from a Latin difference “novus” (new) and “via” (way).

Novi’s initial product will be a cryptocurrency wallet. You’ll be means to download a standalone Novi app on your phone. While we don’t need a Facebook or WhatsApp comment to emanate a Novi account, it will also be permitted directly in Messenger and WhatsApp — you’ll be means to daub on a symbol to launch a Novi menu to send and accept income by a Novi wallet.

The Facebook auxiliary wants to be calming when it comes to income laundering and know-your-customer regulation. When we pointer adult to Novi, you’ll have to take a print of a government-issued ID. Novi isn’t a approach to send income anonymously.

Instead, Novi promises present exchange and “no dark fees” for cross-border income transfers and internal payments. It’s misleading either Novi means there won’t be any fees or there will be fees though a organisation will be pure about them.

The Libra Association recently updated a white paper to make critical changes to a cryptocurrency protocol. The organisation is no longer building a tellurian stablecoin tied to a basket of fiat currencies and securities.

When Libra launches, there will be several stablecoins — any of them will be corroborated by a singular fiat currency, such as USD, EUR, GBP or SGD. Novi users as good as people regulating other Libra-enabled wallets will be means to send and accept LibraUSD, LibraEUR, LibraGBP or LibraSGD. Novi will also act as a ramp to modify fiat income to crypto resources and money out your cryptocurrencies to normal fiat currencies.

Novi skeleton to launch a wallet when a Libra network goes live. Only a singular set of countries will be means to entrance a use during first.

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