on the crypto
On the launch path of Libra's new payment ecosystem, the project Facebook is working on, a key affiliate has been given a new name and a new look.
A new form for Calibra
According to a Tuesday announcement, Calibra, Facebook's subsidiary and portfolio provider for Libra, has been renamed Novi - a fusion of the Latin root words, "novus" which means new and "away".
The company's first portfolio is designed to hold Libra's various digital currencies once the Facebook-led initiative is active. Novi has also incorporated a renewal of the design that is said to represent "the fluid movement of digital currencies", but retains an element of the Libra icon in its logo.
The new wallet designed for Libra
Novi also provided some product information. The digital wallet will function as a standalone app, as well as providing interoperability with the social messaging apps of Facebook Messenger and WhatsApp.
Developed to make sending funds to friends or relatives "as easy as sending a message", transactions with Novi will be instantaneous, according to the announcement, and will not contain "hidden charges".
Novi has not provided any details on what the standard transaction fees might be. All Novi customers will need to be verified using a government issued identity document, while "anti-fraud protections" will be introduced.
The portfolio will initially be distributed in a limited number of countries. The release date is still unclear, but the project hopes to introduce "a first version of Novi as soon as the Libra network is available".
The portfolio and future financial services for the project will now be managed by a new entity, Novi Financial, a Facebook subsidiary that is said to operate independently of the social media giant at its headquarters in Menlo Park, California.
Libra's path
The Libra project suffered a series of setbacks when regulators and governments highlighted the perceived risks of the project in terms of financial crimes, some even calling it a threat to monetary sovereignty.
Faced with all the rejections, the Libra Association's original model for producing its digital currency was restructured in mid-April. The project will now issue a series of stablecoins based on individual national currencies in different markets.
Libra still has plans for a multi-currency stablecoin, but will be supported by the new stablecoins and not directly by the legal currencies. The pressure exerted by US regulators and legislators in October prompted Visa, Mastercard and Stripe to withdraw their affiliations with Libra.
Since then, the association has added other new members, including the first state agency, Temasek. Checkout.com also joined the project last month. In particular, many former U.S. government officials - presumably to help facilitate its regulatory path towards launch - have joined the Libra project after signing up for two former staff members at FinCEN in recent weeks.
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