Facebook is renaming Calibra – the digital wallet that people will use to store its Libra cryptocurrency – as Novi, the company announced.
The new name is inspired by the Latin words “novus” for “new” and “via” for “way”, the social media giant said in a blog on Tuesday.
“While we have changed our name from Calibra, we have not changed our long-term commitment to helping people around the world access affordable financial services,” Facebook said.
“Novi’s new visual identity and design represent the fluid movement of digital currencies … we have also included a nod to the Libra icon in the brand logo to underscore our commitment to the Libra network.”
Novi Financial is the new name of the Facebook subsidiary that will develop the company’s digital wallet.
The company is aiming to introduce an early version of Novi when the Libra cryptocurrency is available. It will be rolled-out in a set of countries, with features that will make “cross-border money transfers instant, secure and with no hidden fees”, the company said without naming the countries.
Originally set to launch next month, the digital wallet is now expected to come out in October and will support multiple currencies, of which Libra will be just one.
The renaming of its digital wallet is the latest in a series of changes that Facebook has made to its cryptocurrency project since its launch in June last year.
In March, it was reported that Facebook is redesigning the whole cryptocurrency project as its top supporters remain reluctant to lend public support in the face of mounting resistance from regulators.
In addition to the proposed Libra token, it was decided that the infrastructure being developed would offer multiple coins and digital versions of government-backed currencies, such as the US dollar and the euro.
At the time of Libra's launch in June last year, Facebook said it would revolutionise the global payments system – giving a safe option to the unbanked to transfer money. The social media company estimates there are nearly 1.7 billion adults worldwide without a bank account or access to financial services.
However, the frosty reception the project received from lawmakers, particularly in the US where Facebook's record on data privacy came in for criticism, led to several high-profile partners backing away.
The regulators said it could potentially facilitate money laundering, terrorist financing and enable anti-competitive activity as the entrance into finance of a social media company could lead to "new, coercive forms" of debt collection.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham v Ajax, Tuesday, 11pm (UAE).
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Games on BeIN Sports
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KILLING OF QASSEM SULEIMANI
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Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Company%20Profile
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All or Nothing
Amazon Prime
Four stars
The bio
Favourite book: Kane and Abel by Jeffrey Archer
Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist
Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi
Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup
Hobbies: Reading and drawing
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
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The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
