Facebook Replaces Calibra with Novi, Confirms Mandatory KYC
Social media giant Facebook rebranded its Calibra subsidiary, responsible for the Libra project, saying that the first product Novi Financial will introduce is the Novi digital wallet designed for Libra digital currencies.
"With Novi, sending money will be as easy as sending a message. You’ll be able to use Novi as a stand-alone app, as well as in Messenger and WhatsApp," the company said. They claim that there will be no hidden charges to add, send, receive, or withdraw money, while "your transfers will arrive instantly."
Moreover, the company confirmed that all Novi customers will be verified using government-issued ID, and fraud protections will be built in throughout the app.
An early version of Novi should be introduced when the Libra network is available. However, the Libra digital currency can be stored on various wallets.
David Marcus, Facebook’s head of blockchain, told Bloomberg that the decision wasn’t driven by regulatory concerns, though acknowledged the name change could change some perceptions.
It's not the first change Facebook and The Libra Association are making in an attempt to launch the project.
As reported, in April, Libra changed its initial plan to issue the multi-currency Libra Coin and now aims to start from single-currency stablecoins, such as LibraUSD, LibraEUR, etc. Moreover, the project dropped its plan to move to a permissionless system.
Facebook’s Libra Has Changed. But It Still Might Be a Win for Bitcoin