Description
Novi, initially known as Calibra, was a digital wallet project initiated by Facebook (now Meta Platforms, Inc.), aimed at enhancing financial inclusivity by facilitating cost-effective money transfers globally, particularly in regions with scarce banking services. Developed on an innovative blockchain framework, Novi intended to support multiple cryptocurrencies, including its native digital currency, Diem (formerly Libra), which was designed to offer a stable and universal financial solution. Embedded within Facebook's suite of apps, including WhatsApp and Messenger, Novi sought to leverage Meta's extensive user base of 2.7 billion to make financial services more accessible through familiar platforms. Despite its potential to revolutionize day-to-day financial transactions with its state-of-the-art technology and integrated service model, the project faced significant regulatory challenges, leading to the discontinuation of the Novi pilot program. Calibra, functioning as an independent subsidiary headquartered in Menlo Park, underscores Meta's ambition to bridge the gap in global financial services through web3 and blockchain innovations. However, the termination of Novi highl...
Novi, initially known as Calibra, was a digital wallet project initiated by Facebook (now Meta Platforms, Inc.), aimed at enhancing financial inclusivity by facilitating cost-effective money transfers globally, particularly in regions with scarce banking services. Developed on an innovative blockchain framework, Novi intended to support multiple cryptocurrencies, including its native digital currency, Diem (formerly Libra), which was designed to offer a stable and universal financial solution. Embedded within Facebook's suite of apps, including WhatsApp and Messenger, Novi sought to leverage Meta's extensive user base of 2.7 billion to make financial services more accessible through familiar platforms. Despite its potential to revolutionize day-to-day financial transactions with its state-of-the-art technology and integrated service model, the project faced significant regulatory challenges, leading to the discontinuation of the Novi pilot program. Calibra, functioning as an independent subsidiary headquartered in Menlo Park, underscores Meta's ambition to bridge the gap in global financial services through web3 and blockchain innovations. However, the termination of Novi highl...
