In the United States, Meta, formerly Facebook, has registered for five trademarks for what seems to be a new digital platform named Meta Pay.
In trademark applications filed on May 13, Meta Pay was stated as a “online social networking service for investors supporting financial transactions and exchange of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digital tokens, [and] crypto tokens.”
In addition to payment and trading, Meta Pay may offer digital asset finance and investment services, according to the trademark filing. The social media giant paid $60 million to MetaBank in South Dakota for the MetaPay.com domain name in December 2021.
Meta’s latest crypto-related action comes after the business announced earlier this month that it will begin testing NFTs on Instagram. Meta has already filed eight trademark applications for its logo, describing the move as part of the company’s transition to the digital economy.
These attempts have not gone well, with the company’s metaverse-focused unit Reality Labs posting a loss of almost $3 billion in the first quarter of the year.
Diem, the company’s stablecoin idea, too failed to gain momentum because to widespread condemnation from governments throughout the globe. The project’s assets were eventually sold to Silvergate, a bank based in the United States.