Less than a year since it was officially announced: Social is introducing Novi, its brand new digital wallet • Several companies have abandoned the project in the past year

Facebook unveils Novi (Novi), the new digital wallet name and brand for crypto libra currency. Less than a year has passed since the social network announced the currency and wallet under the Calibra brand in collaboration with international organizations and companies - including Visa, MasterCard and eBay - who had already abandoned the venture.

A social media release in a press release stated that "although the name of the wallet is different, Facebook's long-term commitment remains as it was - and it provides access to affordable financial services for people around the world." Meanwhile, according to world reports, the real reason for the name change is the fear of confusion between the two services.



The name "Novi" comes from the Latin words "novus", which means new, and "via", which means a way. Using the digital wallet, transferring the funds will be as easy as sending a message. Novi can be used as a standalone application, and also as part of Messenger Wattsap.

In addition, Facebook emphasizes that there will be no hidden costs for adding, sending, receiving or withdrawing funds, and your transfers will be accepted immediately. All Novi customers will be verified with government identification documents, and fraud protection measures will be applied throughout the app. If necessary, you can correspond with your wallet support and customer service team in a chat that operates around the clock.

"Today, more than ever, it's important for financial systems to be durable, fast, open to all, and upgradeable," says Tomer Barel, Vice President of Global Facebook and Novi Operations VP. "Our team in Tel Aviv is working on developing the key components in Novi's wallet, including technology that will support our commitment to protect users. We are proud to expand our team here and be part of Israel's vibrant tech community. "