Facebook has renamed its Calibra digital wallet for storing the Libra cryptocurrency and is now calling it Novi. The new name is a derivative of two Latin words “Novus” and “Via,” which translate to “new” and “way” in English respectively. Novi has been developed by Novi Financial, a subsidiary of Facebook that operates independently, as per an official blog post.
The premise, however, remains the same. You add money to your wallet, it is converted into the Libra digital currency, which is then stored in the Novi wallet. The wallet will be accessible as a standalone app and also from within Facebook’s family of apps that include Messenger and Whatsapp.
With the Novi wallet, users will be able to send and receive Libra coins almost instantly, and as per Facebook, it will be as simple as sending a message, and there won’t be any hidden charges either. The social media giant will introduce an early version of Novi as and when the Libra network is made available to users.