On Thursday, Facebook announced it is rebranding Calibra, the digital wallet for the Libra Digital currency. The app will now go by Novi and will help users send and hold Libra digital currencies.
Novi will also change its logo to include a node to Libra’s icon, showing its commitment to the Libra network.
“… Novi’s new visual identity and design represent the fluid movement of digital currencies. We’ve also included a nod to the Libra icon in the brand logo to underscore our commitment to the Libra network,” reads a Facebook blog post by David Marcus, Head of Novi.
Novi will require users to register for the service with a government ID. The app will allow its users to send money through the stand-alone app and other Facebook apps like Messenger and Whatsapp.
“You’ll be able to use Novi as a stand-alone app, as well as in Messenger and WhatsApp,” Marcus added.
According to The Verge, Facebook’s digital currency will have multiple digital currencies pegged on an individual national currency. In addition to a combined Libra currency, Facebook plans to include the Euro, US dollar, and the British pound in Calibra.
Facebook has faced numerous challenges in launching a digital currency, from regulations to losing members. Last year, Libra lost key partners like Paypal and Vodafone and five other companies. At the same time, the Libra association faced uncertainty as UK MPs perceived it as a threat to sovereignty. However, in 2020, the digital currency is attracting new allies like Shopify, Temasek, Paradigm, and Slow Ventures.
