Facebook is renaming Calibra, the directory wallet it hopes will one day be acclimated to fluting the Libra directory currencies, Novi. In a blog post the company said that the new name was inspired by the Latin words "novus" and "via," which beggarly "new" and "way," respectively. Novi Banking is the new name of the Facebook synchronal that will ennoblement the company's directory wallet.
A new name is neutral the latest in a series of changes Facebook has made to its directory lettuce plans, which have faced maximal supervisory shipload since their announcement last June. Although Facebook initially said that there would be a singled-out Libra forge selected to a mishmash of societal currencies, it now plans to have multiple directory coins selected to individual currencies in consortium to a combined Libra currency. Novi's website says that, initially, these could include currencies like the US dollar, the British pound, and the Euro.
With the new name, Facebook's directory wallet is also getting a new logo. Calibra's original logo generated cross-purposes when it was first nourish considering of its similarities to the startup cortex Current. Novi's logo ditches this old design in favor of a august version of its name, with the Libra logo self-contained aural its "o."
Despite these changes, Facebook says its mission for Novi and Libra slag the same: it wants to manufacture sending money as easy as "sending a message." It plans to manufacture both a standalone Novi app and a version that integrates with its WhatsApp and Middleman messaging services to let you slide money to your contacts. Facebook says that you'll overeat to use a government-issued ID to sign up for the service, however it promises this alteration will play-act with no subconscious fees and that users will have fluting to 24/7 chat-based support.
Facebook's directory lettuce plans have had a quivery ride since its announcement. It nourish the promptitude with a host of partners from the worlds of online finance, e-commerce, and tech. However, as of October last year, a quartern of the Libra Association's original 28 members had dropped out over apparent supervisory concerns. This year has seen the Libra Bloc announce new members, however.
A new name is one thing, however the challenges of setting up a directory lettuce aren't going anywhere. Facebook did not annunciate a launch date for Novi or Libra as part of today's announcement, noting personally that an "early version" of Novi will be launched when the Libra network is available.
Update May 26th, 1:45PM ET: Updated with simplification from Facebook that it listed USD, GBP, and EUR on its armpit as examples of currencies that Libra could be selected to, rather than as downright announcements.
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