Facebook Renames Digital Wallet as Novi for Diem Cryptocurrency

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In a move to distance itself from its troubled past, Facebook has recently renamed its digital wallet service from Calibra to Novi. The social media giant has also unveiled its plans to use Novi as the official digital wallet for its Diem cryptocurrency. This move is expected to help the company fulfill its vision of achieving a borderless, open financial system that benefits everyone, regardless of their location or financial status.

Facebook Rebrands it’s Digital Wallet as Novi

Facebook first announced its plans to launch its own digital currency, Libra, back in June 2019. However, the project faced numerous regulatory hurdles and pushback from lawmakers, which led to its rebranding as Diem in December. With the launch of Novi, Facebook hopes to revitalize its cryptocurrency ambitions and establish itself as a major player in the financial services industry.

According to the company, the name Novi was derived from the Latin words “novus” and “via,” which means “new” and “way” respectively. The new brand is meant to symbolize the company’s mission of providing a new and innovative way for people to access and use money digitally, without the need for traditional banks or financial institutions.

Novi to be the Digital Wallet for the Diem Cryptocurrency

Novi will serve as the official digital wallet for the Diem cryptocurrency, allowing users to store, send, and receive Diem tokens. Facebook believes that this move will help to increase the adoption and use of its cryptocurrency, as it will provide users with a convenient and user-friendly way to access and manage their digital assets.

The Novi wallet will be available as a standalone app for both iOS and Android devices, as well as integrated into Facebook’s existing suite of products, including Messenger and WhatsApp. The company has also emphasized that it will ensure the security and privacy of user’s financial data by implementing industry-standard security measures and adhering to strict data protection regulations.

The launch of Novi represents a significant milestone for Facebook and the wider cryptocurrency industry. As more people turn to digital currencies as a means of payment and investment, Facebook’s move to establish itself as a major player in this space could have far-reaching implications for the financial services industry as a whole. With Novi, Facebook hopes to provide a seamless and accessible way for people to access and use digital currencies, while also promoting financial inclusion and empowerment.

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