Novi was formerly known as Calibra and the Diem digital currency was initially called Libra.
Novi is a digital wallet that will be linked to the Diem payment system to store and transact using digital currency. Novi was inspired by the Latin words ‘novus’ for ‘new’ and ‘via’ for ‘way’. In a statement, Facebook said Novi’s new visual identity and design represent the fluid movement of digital currencies.
“We’ve also included a nod to the Libra icon in the brand logo to underscore our commitment to the Libra network,” it said.
When funds are added to the wallet, they will be converted into the Diem digital currency. To use Novi, users will first choose who they’re sending to, enter the amount, see the exchange rate and make the transfer. It can also include a personal note to the recipient. Novi will be available as a stand-alone app in the App Store and Google Play, and it will also be integrated into WhatsApp and Messenger apps, enabling funds to be sent and received to connections and businesses.
There will be no fees charged to add, send, receive or withdraw money, and transfers will arrive instantly.
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