The much anticipated Facebook cryptocurrency has been rebranded as Novi from its previous title Calibra.
The company has written blog post in regard to the new name,mentioning the origin of the Novi word.
Inspired by the Latin words “novus” for “new” and “via” for “way”, and comes with a new logo that keeps the old Libra logo placed within the ‘o’.
The American social network has had to make several changes to the original Libra cryptocurrency plans, first announced in June of last year.
The original concept was one coin which would be pegged to different currencies, however now it will have several coins each pegged to different currencies.
There will still be one overriding Facebook currency, however the impact has been watered down by the introduction of the other micro currencies within.
The reason for the currency is the same as it first was, to make spending money as easy as sending a message on Facebook.
Novi will be made available in both the Facebook messenger application, WhatsApp, but also its own standalone application.
No date has been announced yet, which is not a huge surprise given the current international financial circumstances and the difficulty Facebook has had in finding credible backers to the new currency.
many big names have already pulled out of the Facebook currency, including, Mastercard, Visa, PayPal, eBay and Stripe, however this has not deterred Facebook as they continue forward.