David Marcus, Vice President of Messaging Products for Facebook Inc., speaks during an interview with Bloomberg Television on the sidelines of the Wall Street Journal’s D.Live World Technology Conference in Laguna Beach, California, United States United, Wednesday October 18, 2017.
Patrick T. Fallon | Bloomberg | Getty Images
Facebook announced Tuesday that it was rename and rename its digital portfolio from Calibra to Novi.
The effort, which started last year, is part of the company’s ambitious plan to venture into the digital currency space.
Facebook is launching a cryptocurrency called Libra, with the intention of making it easier to send money around the world. While Libra will be managed by a non-profit association supported by a range of companies and organizations, Facebook is home to Novi, a digital wallet for storing and trading the digital coin.
However, the project quickly aroused the concern of decision-makers around the world who feared that it would seriously disrupt the financial system, risk money laundering and compete with fiat currencies like the US dollar. Facebook says Novi will require verification with government-issued ID and that the Novi wallet app will have built-in “fraud protections”.
A first version of Novi will be introduced in some countries once Libra is available and has obtained the necessary licenses and approval, Facebook said. Novi will allow people to send money to each other via an app or through Facebook Messenger and WhatsApp.
Facebook said the name Novi came from the Latin words “novus” for “new” and “via” for “path”.