Connect with us

Regulation

Facebook’s Libra Wallet Calibra Rebrands to Novi Financial

mm

Published

 on

Calibra Rebrands to Novi Financial

This week, the company responsible for Facebook’s Libra wallet services, Calibra, announced a rebranding. The blockchain-based provider will now go by Novi. The rebranding demonstrates Facebook’s continued commitment to introduce the Libra project to the market, despite heavy opposition from lawmakers. Additionally, it signals a fresh marketing strategy on the part of the Libra team.

As part of the rebranding, Facebook created a new subsidiary – Novi Financial. Interestingly, the word Novi is derived from the Latin words “Novus via” which means “New way”. The name seems fitting as Libra developers search for a new way to get regulator approval for their advantageous project.

In a recent interview, company executives spoke publicly about the decision to rebrand the firm. Importantly, they stated that the name change didn’t change the companies commitment to bring financial service to all parts of the world. Executives explained that the rebrand was part of a larger strategy to bring the company more in line with the fluidity of cryptocurrencies and the overall goal of the Libra project.

Novi Details

According to developers, the Novi crypto wallet features a host of helpful features to support the Libra ecosystem. The Dapp will function as a standalone feature. However, it will have full interoperability within Facebook’s sphere of influence. This strategy would see the Novi wallet available to all Facebook, Messenger, and WhatsApp clients.

Potential Novi Wallet Users via Facebook

Potential Novi Wallet Users via Facebook

Notably, the wallet will offer users near-instantaneous transaction times. Additionally, users can send funds between each other at a fraction of the costs of traditional money sending services. Executives didn’t sate how the fee structure for the system will work, but they did say there would be no hidden fees. One is left to assume that the company intends to take a small percentage of each transaction.

Importantly, the Novi Wallet features built-in AML and KYC compliance mechanisms. Speaking on these systems, developers stated that users will need to verify their identity in various ways. These verification systems can include providing government-issued ID and verification video chats. Novi executives also didn’t give any details on a potential release date.

Their hesitant is well warranted as the Facebook Libra project continues to go through court proceeding with SEC regulators. To date, regulators have shown no sign of budging on their anti-Libra stance. Despite the current atmosphere of distrust, Facebook believes it has the capability to sway the tides.

SEC Taking Wins

Surely, Libra has a rocky road ahead of it. For one, the SEC continues to block any cryptocurrency projects presented from large social media platforms. A perfect example of their entanglement strategy occurred this week when Telegram withdrew its application for the TON blockchain ecosystem.

Novi to Bank

Regardless of the fate of Libra, Novi may still find a comfy home in the crypto sphere. For now, the entire crypto community awaits to see how Facebook plans to transform the mood of regulators and bring the Libra concept to light.

David Hamilton is a full-time journalist and a long-time bitcoinist. He specializes in writing articles on the blockchain. His articles have been published in multiple bitcoin publications including Bitcoinlightning.com

Newsletter Subscription

Advertiser Disclosure: Securities.io is committed to rigorous editorial standards to provide our readers with accurate reviews and ratings. We may receive compensation when you click on links to products we reviewed.

ESMA: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Investment advice disclaimer: The information contained on this website is provided for educational purposes, and does not constitute investment advice.

Trading Risk Disclaimer: There is a very high degree of risk involved in trading securities. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies.

This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio.

Securities.io is not a registered broker, analyst, or investment advisor.