- According to a report, Meta has filed for five trademark applications with the name “Meta Pay”.
- It describes itself as an online social investment network that seeks to ensure that users conduct trade via crypto tokens, digital assets, and blockchain assets.
Meta Platforms Inc, formerly known as Facebook, is said to be working on a new digital payment platform that will integrate the services of crypto and blockchain-related products. According to a report, Meta has filed for five trademark applications with the name “Meta Pay”. It describes itself as an online social investment network that seeks to ensure that users trade via crypto tokens, digital assets, and blockchain assets. It will also provide users with authentication and identity validation services.
This move has been confirmed by Trademark attorney Josh Gerben.
Meta Platforms Inc. (i.e. Facebook) has filed 5 new trademark applications for:
The filings indicate that @Meta plans to launch a payment platform called "META PAY" for users to exchange old-fashioned regular money and cryptocurrencies.#Meta $FB#Metaverse pic.twitter.com/W2ObxgAWfl
— Josh Gerben (@JoshGerben) May 18, 2022
The CEO of the company Mark Zuckerberg recently disclosed his interest in the metaverse. However, the trademark filings of Meta Pay did not provide any details on metaverse but were strictly centered on crypto assets and blockchain. In December, around $60 million was spent to obtain the metapay.com domain name.
Meta advances in its crypto adoption
The trademark filing description also described it as a downloadable computer software created for e-commerce. These include ordering and purchasing goods and services and even serving as a crypto wallet. The document further discloses that it will enable users to invest in crypto assets as well as provide crypto exchange services.
Meta has made plans to make a full move in the crypto space to take advantage of the high digital asset demand. In March, it filed eight trademark applications that had to do with the metaverse and blockchain technology. This month, Zuckerberg disclosed that the team is exploring the possibilities of adding NFTs on Instagram. It has also opened a metaverse-themed retail store in the San Francisco Bay Area to expand its real-world presence. According to Martin Gilliard, the store head, the idea is to assist people to relate to their products.
The Meta Store is going to help people make that connection to how our products can be the gateway to the Metaverse in the future. We’re not selling the Metaverse in our store, but hopefully, people will come in and walk out knowing a little bit more about how our products will help connect them to it.
However, it had a very poor start. Its quarterly report revealed that its metaverse-focused unit Reality Labs lost close to $3 billion in the first quarter of 2022. The Meta stock is also in a considerable decline.