Facebook is making some changes to its cryptocurrency arm, as the firm hopes to ensure proper clarity between members. Earlier today, the firm’s digital wallet, Calibra, rebranded itself. According to an announcement, the wallet will now go by the name, “Novi.”
Meet Novi – F.K.A. Calibra
Facebook explained that its primary reason for proceeding with the name change was to reduce the chances of confusion with Libra – its digital asset. In a tweet, David Marcus, the Head of Blockchain for the Silicon Valley company, explained that there was some additional confusion with Libra and Calibra. So, the firm decided to provide sufficient clarity with a new name for the wallet.
The new name comes from the Latin words “Novus” (meaning “new”) and “Via (meaning “way). The social media giant believes that the name change can also signal a new path forward. One of those is the fact that Novi won’t be the only wallet available on the Libra blockchain.
According to the press release, Facebook will release Novi as a standalone mobile app and integrate it into WhatsApp and Facebook Messenger. Customers who wish to use it will have to display a government-issued means of identification, while the app will also come with several fraud-prevention protocols.
The company hopes to release Novi across a set of specific countries once the Libra mainnet goes live. This way, it can provide adequate cross-border payments. Soon enough, there will be a broader rollout.
Facebook Adapts to Keep Libra Alive
The implementation of these features signals Facebook’s continued efforts to pander to the government. Libra got hit with a wave of criticism as soon as Facebook launched it last year, with many on Capitol Hill expressing concern over the unregulated nature of cryptocurrencies and Facebook’s past with privacy indiscretions.
Since then, however, the social media giant has been working on getting regulatory approval and showing Libra to be good for public safety. Since fraud prevention is an essential aspect of crypto use and a sticking point in the battle for digital assets regulation, Facebook has chosen to start with that.
Last month, the company updated the whitepaper for Libra, establishing several stablecoins that will be tied to each currency – instead of using a single asset. Facebook also confirmed that Libra wouldn’t be using the Swift network to settle transactions. Instead, it has designed its asset in a way that its native token will use a peer-to-peer system to settle transactions instead.
Apart from adding fraud-prevention tools and asset change, Facebook has also made some changes to Libra’s executives. On May 6, the company announced the appointment of Stuart Levey as the chief executive of the Libra Association. Levey served as an under-secretary for terrorism with the George W. Bush and Barack Obama administrations.
A few days later, the firm appointed Robert Werner as the Libra Association’s general counsel. Werner served as the director of the Finance Crimes Enforcement Network, and he also served as an executive for policy and regulations at Goldman Sachs and HSBC.