Facebook’s virtual wallet for Libra digital coins from Tuesday was named “Novi”. The rebranding Facebook replaces the original name of “Calibra” for digital wallets that will work with planned virtual currency. Novi Digital Wallet is set to launch when Libra coins promised Facebook the opportunity to build financial services in its offerings, offering to expand its own commerce and social networks to more small businesses Permission to purchase advertisement on.
According to an online post by Digital Market Project David Marcus, the name ‘Novi’ was derived from Latin words for “new” and “manner”.
“It’s a new way to send money, and Novi’s new visual recognition and design represent the fluid movement of digital currencies,” Marcus said.
“With Novi, sending money will be as easy as sending a message.”
Novi will serve as a separate app for smartphones and will also be woven into Facebook-owned communications services Messenger and WhatsApp according to Marcus.
The Free Novi Digital Wallet eventually promises to give Facebook the opportunity to build financial services and expand e-commerce offerings.
Opponents are free to make their own digital purses for Libra.
The dominant social network is one of an array of members in a libra association created to oversee the constituted financial payment system.
Backers of Libra argue that it can help people outside the banking system by reducing costs for many types of payments and transactions; Critics say it could disrupt the global monetary system and currency markets.