Facebook has renamed its digital wallet Calibra to store the Libra cryptocurrency and now calls it Novi. The new name is derived from two Latin words "Novus" and "Via", which mean "new" and "away" in English. Novi was developed by Novi Financial, a subsidiary of Facebook that operates independently, according to an official blog post.
However, the premise remains the same. When you add money to your wallet, it is converted into the digital currency of the scale, which is then stored in the Novi wallet. The wallet will be accessible as a standalone app and also from the Facebook app family, which includes Messenger and WhatsApp.
With the Novi wallet, users can send and receive Libra coins almost instantly and according to Facebook. This is as easy as sending a message and there are no hidden fees. The social media giant will launch an early version of Novi as soon as the Libra network is made available to users.