Facebook continues to announce drastic changes to its cryptocurrency project even though it has not been released to the public. This week, the social media giant revealed that “Calibra”, the original name of its virtual asset wallet, will be replaced by a new name. From now on, the tool will be called “Novi”.
According to the social network, the Novi wallet will be launched jointly at the launch of the Libra cryptocurrency, and will be part of Facebook’s project to incorporate financial services into its platform, expand e-commerce and allow small businesses to buy ads on the social network with competitive prices.
David Marcus, in charge of the Libra Project, said: “This will be a new way to send money; Novi’s new image and design represent the constant flow into the world of cryptocurrencies.” Marcus also mentioned that Novi will work as a mobile app independent of the Facebook app and will feature integration of the company’s other communication services, such as Facebook Messenger and WhatsApp.
Facebook did not reveal further details about the brand’s rename, although cybersecurity specialists consider it an attempt by the company to mitigate the impact of the multiple privacy violations attributed to it, trying to avoid public relationships’ scandals.
Although the social network expects all Libra users to use the Libra cryptocurrency wallet, Marcus notes that any competing company will be free to design their own digital wallets for Libra.
Facebook announced the launch of Libra Association, made up of multiple companies to oversee the payment system and as a support for the cryptocurrency. Enthusiasts of virtual assets and supporters of the Libra Project believe that this currency could help people who are not part of the banking system by reducing the costs of payments and transactions. On the other hand, critics say its use could represent alterations to the global monetary system and currency markets.
The project has also suffered severe shocks from state regulators, such as the U.S. Federal Trade Commission (FTC) or France’s Ministry of Finance, which are concerned about the impact Libra would have on centralized economies.
As a result, the Pound Association recently announced some changes to its plan, trying to find a way to coexist with traditional economic models and avoid their ban. Facebook says Libra’s new trading model would create cryptocurrencies that are more stable and complementary to the traditional economy.
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