Libra’s digital wallet gets a new name as the entire project is revamped

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Posted on: May 28, 2020 6:12 pm EDT

The Libra stablecoin is undergoing changes, and the Calibra wallet is following suit

As part of Facebook’s digital project Libra, its cryptocurrency wallet will undergo a name change. What was once named Calibra will be introduced to users as Novi – inspired by Latin words “novus,” for “new,” and “via,” for “way,” said a blog post by David Marcus, head of Novi. According to what Marcus explained, the main reason for changing the name is to avoid the confusion with the Libra cryptocurrency.

Marcus also explained that the idea is to have this digital currency ready to be introduced as soon as the Libra network goes live. This platform will be first enabled in a selected group of countries that will give users the possibility to transfer money across borders in a matter of seconds and without hidden fees. “With Novi, sending money will be as easy as sending a message. You’ll be able to use Novi as a stand-alone application, as well as in Messenger and WhatsApp,” wrote Marcus. “There will be no hidden charges to add, send, receive or withdraw money, and your transfers will arrive instantly. 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.”

A representative of Novi told Cointelegraph the reason for the new name, “When we announced Libra and Calibra last June, we wanted to demonstrate that Calibra, the digital wallet, was closely linked to Libra, the global payment system. Both brands were born out of the same vision, to give people more access to the global economy. However, we’ve found that Calibra and Libra sounded too similar and people were getting confused, so we set out to create a distinction between the two.”