Facebook's digital currency project rebrands to Novi; WhatsApp and fiat-pegged token capabilities remain

Facebook's ambitious digital currency project underwent a major rebranding on May 26, including a change in name, logo, design, and the addition of some new features.

As per an official Facebook announcement, Calibra is now Novi, an upcoming digital currency wallet used to access FB's Libra protocol.

David Marcus, head of Facebook's digital currency division, noted a portion of Calibra's old logo - a wave - was included in Novi's logo as a nod to its predecessor.

The rebrand is a part of a series of changes that Facebook intends to bring to its Libra project.

In 2019, Facebook said a Libra token would be backed by a collection of fiat currencies issued by central banks, creating a stablecoin for cross-border transfers and transactions of sorts.

Now, the company is exploring multiple tokens pegged to various currencies as part of the broader Libra ecosystem.

Despite the rebrand, Facebook notes all other capabilities remain similar to Calibra's mission.

No launch date for Novi or Libra has been announced, despite the rebrand.

We can't wait to start rolling out the Novi wallet as soon as Libra mainnet goes live.

The head of Libra, Facebook's controversial cryptocurrency initiative, has stated the project will continue to develop its planned "New global currency" despite having lost a quarter of its backers, including Stripe, Visa, PayPal, and Mastercard.