Facebook is the omnipresent phenomenon in our lives. Whether it is through FB itself, or its Messenger and Instagram included. Some time ago, we have all heard about Facebook’s Libra. This digital currency was announced as one of the cryptos that would take the world by storm. However, things did not unfold so quickly and easily. What is happening with Libra and its e-wallet Calibra? Namely, Facebook wallet CaLibra becomes Novi wallet.
What is A Novi Wallet?
What used to be Calibra is now called Novi. So, let us remind ourselves what Libra Facebook wallet stands for.
Every e-wallet serves the same purpose – to help store your assets, speed up the money transfers, lower the costs and make assets more easily accessible. Calibra was no different. Naturally, e-wallets have certain differences regarding the cryptos they support, the variations they come in, and so on.
Facebook, purportedly aims to provide access to affordable finances. As per their statement “We believe that all people around the world should have equal access to financial services.”
With this wallet, now called Novi, the users should be able to send, add, receive, or withdraw money the same way they are sending a message. Novi wallet should be accessible as a stand-alone app, or as a part of Messenger or WhatsApp. Prior to transaction, the system would verify a government-issued user ID.
Why Novi?
As explained, the word “novi” comes from two Latin words. “Novus” means “new”, while “via” means “way”. There you have it. The creators wish us to perceive Novi as the “new way” wallet. We have already explained that Facebook wallet covers the usual performances which we have already seen in other wallets. The inevitable question is: what is new, then?
Libra’s main goal has been changed. From the ultimately accessible crypto to a very specified list of actions that users can perform on the network, we are seeing a major change. Now, there are limits to balance and transactions. Additionally, there would be no wide public access at the beginning. Only crypto firms would have access at this first stage.
Furthermore, apart from rebranding Calibra to Novi, Facebook has also shifted to creating stablecoins for fiat currencies. This would reflect the US$, GBP and EUR.
Is Novi Financial a Separate Company?
In short, yes. Novi Financial, purportedly is a subsidiary of Facebook and it operates on its own. Their first product is the Novi Facebook wallet made for Libra crypto. Apparently, it will take some time until we see its potential in full effect.
What About Bitcoin?
It would be sometime until we get a clear picture of how Libra functions. On the other hand, Bitcoin has proved its advantages many times in the past. Have this in mind and hurry up to our bet safe and crypto friendly casino! Check out the games and experience fast payouts!
