Novi

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Novi
Novi-810x524.jpg
Headquarters Menlo Park, California
Key People David Marcus, Co-creator of Libra, Head Novi Financial
Products Cryptocurrency wallet
Twitter @novi
Facebook LibraAssociation/
Website Novi Homepage
Releases Company News

Novi is Facebook's wallet for holding Libra, Facebook's digital currency. Novi Financial was established as a fully owned subsidiary of Facebook.

Calibra was the original name Facebook gave its subsidiary as well as the name given to the wallet designed to hold Libra when the Libra project was first disclosed in May 2019. The name change and associated rebranding of the wallet and the subsidiary to Novi were announced on May 26, 2020.[1]

The stand-alone application (app) is supposed to work with other Facebook apps like WhatsApp and Messenger to transfer Libra from one wallet to another. Unlike other Facebook apps (and unlike bitcoin), Novi will require some know-your-customer compliance.[2]

At the time of its own website launch in 2019, Calibra released a description of its customer relations policies, including data privacy, compliance, consumer protections, and the relationship between Calibra and the Libra Association. In the statement, Calibra says, "Calibra will not share account information or financial data with Facebook, Inc. or any third party without customer consent. For example, Calibra customers’ account information and financial data will not be used to improve ad targeting on the Facebook, Inc. family of products."[3]

At the time of the name change, Novi said that its wallet can be used in conjunction with Facebook's WhatsApp and Messenger applications and reaffirmed that it can operate also as a stand-alone application.[4]

References