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."