Calibra No More; Novi Has Arrived
The Calibra wallet is part of the company’s ongoing Libra cryptocurrency, and will allegedly be utilized for spending and holding digital currencies. While Libra itself is a cryptocurrency that can be used to make purchases or gain access to services through Facebook, Calibra is the wallet that will be used to store Libra and whatever other forms of crypto the user may have, only this time, the wallet will no longer be known as Calibra, but as Novi.
It’s certainly strange that the wallet name has been changed like this so last minute considering the name “Calibra” has been touted since Libra was first introduced roughly one year ago, and yet, it’s not really a surprise considering how much Libra has been forced to adapt to what appear to be expanding, anti-crypto regulatory bodies in the United States and abroad.
Recently, in response to the coronavirus, Libra announced that it would no longer focus on just the Libra cryptocurrency, but would instead be comprised of a basket of stable currencies and fiat so that users could gain quick access to money and begin using it right away as a means of gaining access to the goods and services they would need to survive.
In a blog post, David Marcus – the head of Facebook’s blockchain division – wrote why Novi was chosen as the new name for the wallet:
Novi was inspired by the Latin words ‘novus’ for ‘new’ and ‘via’ for ‘way.’ It’s a new way to send money, and 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.
As part of the verification process, customers of Libra and Facebook will be required to upload a government-issued identification card. This, according to executives, will assist in preventing fraud and other forms of cybercrime. Additional security measures will also be built into the Libra and Facebook apps.
Still the Same Company
David Marcus was quick to try and give users peace of mind regarding the name change of the wallet, writing:
While we’ve changed our name from Calibra, we haven’t changed our long-term commitment to helping people around the world access affordable financial services. Whether you’re sending money home to support the family members who have supported you, or you’re receiving money from your friends no matter where they are, the Novi wallet will make money work better for everyone.
Libra has faced insurmountable scrutiny since it was first announced. Initially, the coin and its respective wallet were set for 2020 releases, though at the time of writing, there are no definitive release dates for either entity.