Technically, this is a rebranding of the Calibra digital wallet that was originally supposed to offer access to Libra digital currencies. Facebook even established a standalone subsidiary called Calibra to develop the app. Now, Novi Financial is the new name of the Facebook subsidiary that will develop the company’s digital wallet. Facebook’s digital wallet is also receiving a new logo.
It has ditched Calibra’s Current-like logo for one that's an illustrated version of its name, complete with a wave symbol - the Libra logo - in its "o".
This change is just one of many Facebook has announced regarding its digital currency roadmap. For instance, Facebook initially envisioned a single Libra currency, but now it plans to have multiple digital coins for individual currencies in addition to a combined Libra coin for a collection of national currencies. These currencies are expected to include the US dollar, British pound, and Euro.
Facebook's goal for Novi and Libra is to make sending money as easy as “sending a message". It's developing a standalone Novi app, including a version that works with its WhatsApp and Messenger messaging platforms. You’ll need to use a government-issued ID to sign up for the service. Other than that, there should be no hidden fees, and Facebook has promised 24/7 chat support.
Facebook has yet to announce a launch date for Novi or Libra, but an early version of Novi should be available when the Libra digital currency network launches. For more information about Libra, see our guide here.