March 29, 2024

Facebook rebranded wallet for Libra and promised integration with WhatsApp

Facebook has renamed the payment solution at the heart of the Libra stablecoin ecosystem from Calibra to Novi andcreated a new operator for him.

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Novi (derived from the Latin words novus - new and via - the way) also received an updated logo, which embodies the "smooth movement of digital currencies", retaining a reference to Libra.

The press release says Novi will become likestandalone application, and get integration into WhatsApp and Facebook Messenger. Users will be able to transfer funds instantly “as easily as sending messages” without “hidden fees”.

Novi Customers to Verify withusing identity cards. Fraud protection will be built into the application. Initially, the wallet will be available to residents of a limited number of countries with 24/7 support.

They plan to launch the application simultaneously with the launch of Libra. The developers promised to provide additional information soon.

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The project will be managed by a new Facebook subsidiary, Novi Financial, headquartered in Menlo Park, California, where the office of the social network itself is based.

Recall, in mid-April, the Libra projectHe abandoned the original concept of global stablecoin in favor of several stable coins, each of which will be tied to different fiat currencies - the US dollar, euro, British pound and Singapore dollar.

This was preceded by the exit from the Libra Association of a number of prominent members, including PayPal, Mastercard, Visa, Stripe, eBay Booking Holdings and Vodafone, alluding to regulatory risks.

However, rebranding and team appearanceA project by individuals such as former Director of the Financial Crimes Enforcement Network (FinCEN) Robert Werner and ex-Deputy Minister of Finance for Terrorism and Financial Security Stuart Levy may mean that Mark Zuckerberg may have managed to get regulators to his side.

The appearance in Libra may also indicate this.An association of a Singapore sovereign fund, Temasek, whose net investment portfolio for the end of 2019 amounted to 313 billion Singapore dollars (~ $ 220 billion).