Facebook rebrands its cryptocurrency wallet as Novi

Facebook’s digital wallet has a new name: Novi.

The social media giant announced on Tuesday that Calibra, which will send and hold Libra, Facebook’s proposed cryptocurrency, has been rebranded.

Novi will allow people to send money through a message on either Facebook Messenger and WhatsApp. There will also be a stand-alone app for Apple and Android. 

Facebook

Once Novi becomes available, you’ll need a government-issued ID to sign up, according to the announcement.

The Novi team promised there will be no hidden fees to send, receive, or withdraw money, and that all transfers will be instant. Novi’s features also include the ability to make cross-border money transfers instantly and securely. 

“Whether you’re sending money home to support the family members who 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,” Novi said in the announcement.

Novi will be released once the Libra blockchain network is available. The Facebook-backed cryptocurrency is expected to be released later this year. 

The name change comes as the Libra Association, which is comprised of Facebook and a diverse lineup of businesses and nonprofit organizations, announced several updates to its Libra cryptocurrency project last month. 

The association is shifting from creating an open global financial network to offering both single-currency and multi-currency coins tied to local, real-world currencies. 

Other updates include a network-level system to combat money laundering and replacing the planned permission-less system with a market-driven network that is open and competitive.

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