Facebook’s Blockchain Wallet, Calibra, Rebrands to Novi, Ushering in a ‘New Way’ to Send Money

Calibra rebrands to Novi, in a rebranding announced early on Tuesday as the company moves towards launching the digital payment platform in the coming months. In a statement released on the rebranding, Novi, aims to integrate its systems social app, Facebook’s, WhatsApp, and Messenger platforms. This allows users on the platform to send and receive payments across the globe instantly, the statement reads.

What’s in a name? Calibra rebrands to Novi

According to a statement released on Facebook-led blockchain project, formerly Calibra, will be rebranding to Novi which comes from the Latin words, ‘Novus’ and ‘Via’ which means ‘New Way’. Calibra is the payments wallet behind the Libra project aiming to offer an instant transaction platform for digital currencies across the globe.

“Novi” which is expected to be integrated into the 1 billion+ customer-led apps, WhatsApp and Messenger will open a new way for the unbanked to transact using its digital currency, Libra. According to the report, the company’s mission will be, “creating a global wallet that will make money work better for everyone around the world.”

What's in a name? We changed ours to Novi, but our mission remains: creating a #WorldWideWallet that will make money work better for everyone around the world. Check out what we're up to https://t.co/cijCPqVXPs pic.twitter.com/J80nXvjQtN

— Novi (@novi) May 26, 2020

As the mission, the logo of Novi, will also incorporate aspects of the old Calibra logo (the “three wavy lines”).

How will the new Novi wallet work?

As mentioned before, the wallet will be integrated into the Messenger and WhatsApp applications allowing anyone with an internet connection to send funds across the globe. This will make sending money as easy and instant as sending a message over the applications. According to the statement, no hidden charges will be implemented on the system but no official transaction fee was mentioned.

To use the digital currency system, users will need to be fully registered by completing the full KYC/AML compliance requirements to prevent money laundering and fraud. The “Novi” wallet will be independently operated by Facebook’s subsidiary, Novi Financial.

No official launch date for the project was mentioned in the statement.