The social media giant Facebook is renaming the digital wallet Calibra that it hopes will one day be used to access the Libra digital currencies to Novi. Facebook, in a blog post, revealed that the new name was inspired by the Latin words “Novus” and “Via,” which means “new” and “way,” respectively. Novi Financial is the new name of Facebook’s subsidiary that will develop the company’s digital wallet. The social media giant has faced severe regulatory scrutiny since it announced the project last year.
Calibra was being sued over its logo.
Last year, a mobile banking app Current filed a lawsuit for trademark infringement against Calibra for using a similar logo. Now the digital currency wallet has changed the logo entirely to avoid further controversy. Novi’s logo ditches this old design in favor of a stylized version of its name, with the Libra logo contained within its “o.” Libra Association has made several changes to the white paper of Libra cryptocurrency to get the approval of regulators all around the world. Facebook said that its mission for Novi and Libra is to send money as quickly as “sending a message.”
Libra Association insists on a 2020 launch.
Since the announcement of the cryptocurrency project Libra last year by Facebook, the project has faced nothing but harsh regulatory criticism from authorities all over the world. But the project is now taking shape as Libra Association made several changes to the cryptocurrency to make it more acceptable in the eyes of regulators. The Libra Association has indicated that they plan to launch Libra cryptocurrency by the end of this year and are working to achieve that goal. Earlier, the organization appointed Robert Werner as its General Counsel, to help guide the company as it tries to get regulators onboard for its stablecoin Libra. It also appointed former Obama’s Under Secretary for Terrorism and Financial Intelligence, Stuart Levey, as its CEO.