Sirlibz
Facebook Libra renamed their Virtual wallet. The re-branding replaces the original name of the wallet “Calibra” with NOVI.
The name is derived from the two Latin words “Novus meaning New and “Via” meaning Way. David Marcus , the Vice president of messaging products Facebook inc. stated on Bloomberg.
Libra aims at becoming a world payment option, and as such has been gaining partnerships or members around the globe, including the three new added members to the Association as reported by JRNY CRYPTO.
“It’s a new way to send money, and Novis new visual identity and design represent the fluid movement of digital currencies”
With Novi, sending money will be as easy as sending a message – Marcus stated.
He also revealed that the wallet app will be a stand alone application for smart phones but will be integrated into all of Facebook’s communication service – this would include Whatsapp and Messenger.
He stated that if any other wallet service providers that are interested in having Libra integrated can do that without a problem.
Libra itself has been striving to gain its grounds since issues with the SEC and some of its former members leaving the Association. Libra supporters believe that the system will help people outside the banking system by lowering costs for many kinds of payment while critics say it could disrupt the global monetary system and currency, could risk getting used for Money Laundering and could even compete with the US dollar.
Wallet Security
In response to the critics, Facebook has stated that Novi will require verification with a government-issued ID and that the wallet app will have “fraud protections” built in. In addition to that an early version of NOVI will allow users select countries where Libra has acquired a necessary license once launched.
With NOVI being integrated into Messenger and Whatsapp, it has a higher chance of being used for funds transfer since these platforms are used by a large number of people on a daily basis.
Whether that will happen or not, only time will tell.
