Meta Submitted a Trademark Application for “Meta Pay”, Implying Cryptocurrency Services

05/19/2022By: C, Fiona

views: 0

The trademarks foreshadow plans for a cryptocurrency exchange, lending and wallet platform.

Meta platforms Inc., the owner of the Meta (formerly Facebook) brand, applied for five trademarks in the name of “Meta pay” on Friday. They seem to be committed to a new digital payment platform that will integrate a variety of cryptocurrencies and blockchain related products.

Review “Meta Pay”

According to the application submitted on May 13, Meta pay is described as an “online social investment network”. It will allow users to use digital currency, blockchain assets and encrypted tokens for transactions, while providing user authentication and authentication services.

Another description calls it “downloadable computer software” and is designed for “e-commerce”, including ordering and purchasing goods and services. It again mentions “using blockchain technology to verify cryptocurrency transactions” and even as a cryptocurrency wallet.

Meta recently gave up its digital wallet Novi work, while giving up its years of stable currency project Diem. Many of its former developers soon fled to other blockchain projects, and the former head recently announced a shift to bitcoin development.

However, Mark Zuckerberg, CEO of Meta, remains infatuated with “Metaverse” – a virtual reality concept heavily supported by blockchain, cryptocurrency and NFT. However, Metapay’s trademark application does not mention “Metaverse”, but focuses on blockchain and digital assets.

One of the documents also mentioned “enabling users to invest in digital currencies” and “providing digital exchanges”, suggesting that the service may compete with companies such as coinbase and binance. Digital asset lending and investment services may also be included.As early as December, the company paid $60 million for Metapay COM domain name.

Progress of Meta in Cryptocurrency

Although the company is fully promoting its cryptocurrency adoption plan, it has not yet made the best start. Its Metaverse focused division, reality labs, lost nearly $3 billion in the first quarter of 2022, while Meta’s shares have fallen 42% so far this year.

Zuckerberg confirmed in March that NFTs was on its way to instagram shortly after twitter integrated NFTs into its platform. Instagram has started testing with blockchain assets, and Facebook will follow up soon.