Facebook announced on May 26 that it has renamed and rebranded its Libra stablecoin digital wallet from Calibra to Novi. In the announcement, the company stated that the new name derives from the Latin words “novus” and “via,” meaning “new” and “way.” In addition, the name designated for the subsidiary of the company to develop the hardware wallet is Novi Financial.
A re-brand of its digital wallet is just one of the string of adjustments that Facebook has made for the Libra stablecoin project. Since Facebook announced its plan to launch a cryptocurrency in June last year, it has faced multiple regulatory challenges that have slowed down the launch of the stablecoin.
Originally Facebook planned to launch a cryptocurrency pegged to the value of several fiat currencies. However, among the series of changes for the project, Facebook is planning to launch multiple cryptocurrencies pegged to their respective fiat currencies and a combined Libra currency.
Visual identity change for Libra stablecoin digital wallet
Facebook’s digital wallet is also getting a visual identity re-brand. The new Novi digital wallet logo has new changes, given the initial Calibra wallet was a subject of controversy in 2019, due to its resemblance to the startup bank, Current. The new logo includes a stylized version of the name Novi with the Libra stablecoin logo inside the ‘O.’
Nevertheless, besides the rebranding and adjustments Facebook claims that its mission for Libra and Novi has not changed; to make sending money as easy as sending a message. The social media giants plan to develop alone Nova app, and an integration to its Whatsapp and Messenger to facilitate users to easily send money to their contacts.
Facebook Libra’s bumpy ride
Facebook’s Libra stablecoin project has not been smooth. The company has faced multiple regulatory obstacles since the project was announced back in June 2019. Additionally, most of its key partners dropped out of the Libra Association over the regulatory concerns.
It remains to be seen whether the new approach will help the regulatory scrutiny awaiting. The social media giants did not however announce a launch date for either Novi digital wallet or the new Facebook Libra stablecoin.