Why Facebook changed the name of its Libra wallet to Novi

Facebook has changed the name of its digital cryptocurrency wallet Calibra to Novi.

The change comes almost a year after the social media platform announced that it was one of the members of the Libra Association, a group of businesses looking to launch the stablecoin Libra.

However, the company has struggled to make that point come across as most of the media have often referred to it as Facebook’s Libra project, when it is one of the members of the association.

This, TechCrunch writes, could be one of the reasons why Facebook is now rebranding its digital wallet to Novi.

“Today, we’re excited to introduce Novi – the new name and brand for the digital wallet that will help people send and hold Libra digital currencies,” Facebook wrote in a statement.

“While we’ve changed our name from Calibra, we haven’t changed our long-term commitment to helping people around the world access affordable financial services. Whether you’re sending money home to support the family members who supported you, or you’re receiving money from your friends no matter where they are, the Novi wallet will make money work better for everyone.”

The company also said that the inspiration of the name came from the Latin words “novus” for “new” and “via” for “way.”

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