Facebook’s Libra is one of the most controversial projects in the crypto space, and there are a lot of naysayers slamming it, but it also has many supporters as well.

Libra was revealed back in June, 2019 and it has been marketed as a single stablecoin that would be backed by a basket of fiat currencies.

Facebook rebrands the digital wallet Calibra

It’s been recently reported that Facebook rebranded the digital wallet Calibra for the controversial crypto project Libra.

The wallet has been designed to hold a few cryptos on the Libra network and it will be called Novi from now on.

This new name will reportedly help distinguish the wallet that’s designed for consumers to store and send their digital assets from the Libra platform that will be allowing people to build financial services and cryptos for the digital economy.

Novi is the first product of Novi Financial – a subsidiary of Facebook.

Here’s the official announcement:

“With Novi, sending money will be as easy as sending a message. You’ll be able to use Novi as a stand-alone app, as well as in Messenger and WhatsApp. There will be no hidden charges to add, send, receive or withdraw money and your transfers will arrive instantly,” the notes state.

The announcement continues and reveals that “All Novi customers will be verified using government-issued ID, and fraud protections will be built in throughout the app. And, whenever you need it, you’ll have 24/7 access to our chat-based support and customer care team.”

We recommend that you check out the complete notes.

Facebook’s project to boost the crypto market

Through Libra, Facebook aims to reach the world’s unbanked people. How it will do this? – by leveraging Facebook’s base of active users of more than two billion monthly users.

Libra will make it possible for users to send money as fast as an email. It’s expected that Facebook will revolutionize the world of finance while boosting the crypto market as well.

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