About Novi
Novi — the new name and brand for the digital currency wallet that will help people send money whenever and everywhere. Novi holds Libra digital currencies. Even though they’ve changed their name from Calibra. They haven’t changed their long-term devotion to helping people around the world access reasonable financial services.
Whether you’re sending money home to help the family members who’ve been supporting you. Or you’re receiving money from your friends wherever they are, it will make money work better for everyone.
Novi was derived from the Latin words “novus” for “new” and “via” for “way.” And the word represents. It is a new way to send money. And Novi’s new visual naming and outline represent the fluid motion of digital currencies.
Novi Financial was established with the mission of making money work better for everyone. They strongly believe that all people around the world should have equal access to easy and affordable financial services.
With it, sending money will be as easy as sending a message anywhere in the world.
New Digital Wallet Works On WhatsApp And Messenger
The rebranding of the Calibra digital wallet was declared by Facebook today. And Novi will give a new meaning of sending money around the world as easy as sending messages. And Novi Financial will create a new digital wallet. Whereas, users will be able to access the wallet to send money on Facebook Messenger. And WhatsApp, as well as in a stand-alone application.
Users could download the app for iPhones or Android. And they can register easily, with only using a government-issued ID, said Marcus, adding that transferring money between wallets would be free of charge. Coinbase, the US cryptocurrency exchange, is providing custody services for Novi.
David Marcus, who originally was the Head of Calibra and the Libra Association, will now serve as Head of Novi. He discussed his goal is to access the unbanked and instant transfers of money across the globe. Marcus is also on the Board of the Libra Association.
As Calibra was designed to support a digital wallet Libra, Marcus states. “The first product Novi Financial will introduce is the Novi digital wallet designed for Libra. It is a new payment system which is built on innovative blockchain technology”. And the full name of this new subsidiary is Novi Financial. Which is described as operating separately from Facebook.
Using Stablecoin rather than Diem the Reason Behind
Facebook decided to use an existing stablecoin rather than Diem. Which was originally designed to hold Novi. Has shown its difficulties in getting the latter Facebook-initiated project off the ground. However, the company as a whole has faced questions over consumer protection, money laundering, and monetary stability. And also regulators have conveyed their specific concerns over the scandal-hit social media. Giant operates its own currency since it published the initiative in 2019, alongside a group of backers that included tech businesses and non-profit organizations.
Marcus, also the executive who initially spearheaded Diem. Stated that the company’s view on using Diem “has not changed”, adding: “We intend to up sticks the wallet to the Diem payment network once it receives regulatory approval.” He also added to his statement about his intentions for Novi to be interoperable with other digital wallets in the future. Stablecoins, which are secured to be an asset such as dollars, has been a vital spillway for customers looking to change from fiat currencies to cryptocurrencies.
