The Libra project, a new payment system which is built on blockchain technology, has faced regulatory challenges in the past for perceived threat to monetary sovereignty and other issues.
The digital wallet project was previously called as ‘Calibra’. (Photo: Facebook)
Facebook on Tuesday introduced ‘Novi’, the new name of the digital wallet designed to send and hold its cryptocurrency Libra. The digital wallet project was previously called as ‘Calibra’.
Facebook said that Novi was inspired by the Latin words “novus” for “new” and “via” for “way.” It’s a new way to send money, and Novi’s new visual identity and design represent the fluid movement of digital currencies, David Marcus, Head of Novi said in a blogpost.
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Explaining the simplicity of the digital wallet, Marcus said that sending money will be as easy as sending a message.
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Users will be able to use Novi as a stand-alone app, as well as in Messenger and WhatsApp, the statement said.
“All Novi customers will be verified using government-issued ID, and fraud protections will be built in throughout the app. And, whenever you need it, you’ll have 24/7 access to our chat-based support and customer care team,” it’s said.
The Libra project, a new payment system which is built on blockchain technology, has faced regulatory challenges in the past for perceived threat to monetary sovereignty and other issues, leading to the withdrawal of several heavyweights.
“Our hope is to introduce an early version of Novi when the Libra network is available. We’ll roll it out in an initial set of countries, with features that will make cross-border money transfers instant, secure, and with no hidden fees,” it said.
Facebook and 20 partner organisations formally joined the digital currency project during a meeting in Geneva in October last year. Companies like PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings and Vodafone later have withdrawn from the project.
In a move to win regulators hearts, Facebook-backed The Libra Association last month announced that its cryptocurrency will offer stable coins backed by just one nations currency, meaning some coins offered would serve as the equivalent value of a dollar or a Euro.
In a white paper, The Libra Association took a scaled-down approach to woo its critics, saying that Libra will focus on building a payment network in which coins are tied to a variety of local currencies.
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