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Facebook has once again made changes to its controversial Libra cryptocurrency project following widespread criticism.
The technology giant announced a new name for the Calibra digital wallet, which is being developed to store and spend digital currencies.
Calibra will now be known as Novi and will support a series of so-called stablecoins, which are tied to traditional currencies. These will include LibraUSD, Libra EUR and Libra GBP.
Facebook said that the name Novi was inspired by the Latin words 'novus' for 'new' and 'via' for 'way'.
"With Novi, sending money will be as easy as sending a message," the company said in a blog post introducing the rebranding.
"You'll be able to use Novi as a stand-alone app, as well as in Messenger and WhatsApp. There will be no hidden charges to add, send, receive or withdraw money and your transfers will arrive instantly."
Customers will be verified using government-issued ID in order to prevent fraud. Other security protections will also be built-in to the app, Facebook said.
Facebook first announced its Libra cryptocurrency and Calibra wallet almost a year ago, initially stating that it would be launched in 2020.
Created with Sketch.
Created with Sketch.
1/15 Facebook is born
On 4 Feb, 2004, 19-year-old Harvard student Mark Zuckerberg launched a website called 'TheFacebook' from his dorm. Within 24 hours the college social network had more than 1,000 users
Wikimedia Commons
2/15 Winklevoss twins sue Zuckerberg
Within one week of launching, fellow Harvard students Cameron Winklevoss, Tyler Winklevoss and Divya Narendra accused Zuckerberg of stealing their idea. It would be four years later when the resulting lawsuit was finally settled
3/15 Open for business
The social network finally opened it platform to everyone on 26 September, 2006. The move proved the catalyst in supercharging the site's already explosive growth
PA
4/15 Billion-dollar bid
Yahoo offered $1 billion to buy Facebook in September 2006 but Zuckerberg turned it down. 'I don’t know what I could do with the money,' Zuckerberg reportedly said. 'I’d just start another social networking site'
Reuters
5/15 In the money
In September 2009, almost five years since the site launched, Facebook turned a profit for the first time
Getty Images/iStockphoto
6/15 Taking the lead
Facebook overtook MySpace in 2010 to become the world’s most popular social network
7/15 Taking on the tech giants
In 2011, Google launched its own social network that it hoped would knock Facebook from its perch. Despite its initial success, Google+ ultimately failed and will be shut down completely in 2019
Getty
8/15 Facebook goes public
On 18 May, 2012, Facebook went public. The initial public offering raised $16 billion – the third largest in US history
9/15 Gobbling up the competition
Facebook acquired Instagram in April 2012 for $1 billion, consolidating its position as the world's leading social network
Reuters
10/15 One billion users
On 4 October, 2012, Zuckerberg announced that Facebook had hit 1 billion users. 'If you’re reading this: thank you for giving me and my little team the honour of serving you,' he wrote in a blog post
Getty Images
11/15 Expanding its empire
In February 2014 Facebook acquired the messaging app WhatsApp for $19.3 billion
REUTERS/Dado Ruvic
12/15 Two billion users
In June 2017, Facebook passed the 2 billion user milestone
REUTERS/Dado Ruvic
13/15 Privacy scandal
On 17 March 2018, news broke that UK firm Cambridge Analytica had harvested data from around 87 million Facebook users for the purpose of political profiling in the build up to the 2016 US presidential elections
Shutterstock
14/15 Record profits
Despite the scandals and subsequent #DeleteFacebook campaign, Facebook posted record profits just before its 15th anniversary, the equivalent of $7.37 from each of its 2.32 billions users
iStock/Independent
15/15 Unhappy users
A study found that people are happier when they don’t use Facebook, adding to mounting evidence surrounding the impact social media has on mental health
Rex Features
1/15 Facebook is born
On 4 Feb, 2004, 19-year-old Harvard student Mark Zuckerberg launched a website called 'TheFacebook' from his dorm. Within 24 hours the college social network had more than 1,000 users
Wikimedia Commons
2/15 Winklevoss twins sue Zuckerberg
Within one week of launching, fellow Harvard students Cameron Winklevoss, Tyler Winklevoss and Divya Narendra accused Zuckerberg of stealing their idea. It would be four years later when the resulting lawsuit was finally settled
3/15 Open for business
The social network finally opened it platform to everyone on 26 September, 2006. The move proved the catalyst in supercharging the site's already explosive growth
PA
4/15 Billion-dollar bid
Yahoo offered $1 billion to buy Facebook in September 2006 but Zuckerberg turned it down. 'I don’t know what I could do with the money,' Zuckerberg reportedly said. 'I’d just start another social networking site'
Reuters
5/15 In the money
In September 2009, almost five years since the site launched, Facebook turned a profit for the first time
Getty Images/iStockphoto
6/15 Taking the lead
Facebook overtook MySpace in 2010 to become the world’s most popular social network
7/15 Taking on the tech giants
In 2011, Google launched its own social network that it hoped would knock Facebook from its perch. Despite its initial success, Google+ ultimately failed and will be shut down completely in 2019
Getty
8/15 Facebook goes public
On 18 May, 2012, Facebook went public. The initial public offering raised $16 billion – the third largest in US history
9/15 Gobbling up the competition
Facebook acquired Instagram in April 2012 for $1 billion, consolidating its position as the world's leading social network
Reuters
10/15 One billion users
On 4 October, 2012, Zuckerberg announced that Facebook had hit 1 billion users. 'If you’re reading this: thank you for giving me and my little team the honour of serving you,' he wrote in a blog post
Getty Images
11/15 Expanding its empire
In February 2014 Facebook acquired the messaging app WhatsApp for $19.3 billion
REUTERS/Dado Ruvic
12/15 Two billion users
In June 2017, Facebook passed the 2 billion user milestone
REUTERS/Dado Ruvic
13/15 Privacy scandal
On 17 March 2018, news broke that UK firm Cambridge Analytica had harvested data from around 87 million Facebook users for the purpose of political profiling in the build up to the 2016 US presidential elections
Shutterstock
14/15 Record profits
Despite the scandals and subsequent #DeleteFacebook campaign, Facebook posted record profits just before its 15th anniversary, the equivalent of $7.37 from each of its 2.32 billions users
iStock/Independent
15/15 Unhappy users
A study found that people are happier when they don’t use Facebook, adding to mounting evidence surrounding the impact social media has on mental health
Rex Features
The project has faced significant scrutiny from financial regulators, with some warning that it could pose a threat to sovereign currency.
In December, the Swiss president said that Libra had "failed" in its current form, as it would not be accepted by central banks.
This has led to delays with its roll out, as major partners like PayPal and Mastercard withdrew from the project.
There is still no definitive release date for Libra and Novi, though Facebook said that an early version would appear before widespread launch.
"We'll roll it out in an initial set of countries, with features that will make cross-border money transfers instant, secure, and with no hidden fees," the firm said.