Facebook is giving its digital wallet a branding makeover. The company said Tuesday that the Libra cryptocurrency wallet formerly known as Calibra will now be called Novi. The name change comes with a redesign of the wallet’s logo, which previously drew controversy over its similarity to that of banking. The Facebook subsidiary created to develop the digital wallet is called Novi Financial.
“Novi was inspired by the Latin words ‘novus’ for ‘new’ and ‘via’ for ‘way,'” Facebook said in a statement. “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.”
Along with its promise of around-the-clock, chat-based customer service, Facebook said that all Novi customers will be verified using government-issued ID and that “fraud protections will be built in throughout the app.”