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Rae Hodge May 26, 2020 10:31 a.m.PT Listen – 00:54 Face Facebook is giving its digital wallet a branding makeover.The company announced in a Tuesday release that the Libra cryptocurrency wallet formerly known as Calibra will now be called Novi .The name change comes with a redesign of the wallet’s logo, which previously drew controversy over its similarity to that of banking startup Current .The Facebook subsidiary created to develop the digital wallet is named Novi Financial.
“Novi was inspired by the Latin words ‘novus’ for ‘new’ and ‘via’ for ‘way,'” Facebook said in the release.”Novi’s new visual identity and design represent the fluid movement of digital currencies.We’ve also included a nod to the Libra icon in the brand logo to underscore our commitment to the Libra network.”
Along with its promise of around-the-clock chat-based customer service, Facebook said all Novi customers will be verified using government-issued ID, and that “fraud protections will be built in throughout the app.”
Read more : Facebook’s Calibra cryptocurrency wallet already has competition.