Facebook renames Calibra digital wallet to Novi

Facebook is renaming Calibra, the digital wallet it hopes will one day be used to access the Libra digital currencies, Novi. In a blog post the company said that the new name was inspired by the Latin words “novus” and “via,” which mean “new” and “way,” respectively. Novi Financial is the new name of the Facebook subsidiary that will develop the company’s digital wallet.

A new name is just the latest in a series of changes Facebook has made to its digital currency plans, which have faced intense regulatory pressure since their announcement last June. Although Facebook initially said that there would be a single Libra coin pegged to a collection of national currencies, it now plans to have multiple digital coins pegged to individual currencies in addition to a combined Libra currency. Novi’s website says that, initially, these could include currencies like the US dollar, the British pound, and the Euro.

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Source: Facebook renames Calibra digital wallet to Novi – The Verge