Facebook announced on Tuesday morning it has renamed a key component of its ambitious cryptocurrency project known as Libra. Henceforth, the company’s digital wallet, which it hopes to launch late this year, will be known as “Novi” rather “Calibra.”
David Marcus, a former President of PayPal who now heads up Libra, stated in a Facebook post that “the old name was a little too close to the name of the Libra.”
The wallet service in question is a critical part of Facebook’s plan to create a new global payment service based around blockchain technology. While the Libra network is being developed in such a way that anyone can build a compatible wallet, the Calibra/Novi wallet will be the default offering—meaning that it will be the one likely embraced by Facebook’s billions of users.
Facebook announced the Libra network last June with hopes of launching its cryptocurrency in 2019, but the project soon became mired in political and regulatory controversy, leading a number of high profile partners—including Visa, Stripe…