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According to trademarks filed with the United States Patent and Trademark Office (USPTO), Meta Platforms Inc plans to develop a cryptocurrency payment platform, according to media reports on Wednesday.
Meta Platforms intends to establish Meta Pay, a new cryptocurrency payment platform for users, according to trademark lawyer Josh Gerben, who exposed the five 13 May filings on social media.
Meta pay is described as a "online social networking service for investors that allows financial trades and exchanges of digital currency, virtual currency, cryptocurrencies, digital and blockchain assets, digitized assets, digital tokens, crypto tokens, and utility tokens," according to the filing.
Meta Platforms Inc. (i.e. Facebook) has filed 5 new trademark applications for:
— Josh Gerben (@JoshGerben) May 18, 2022
"META PAY"
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
Meta May Launch Crypto Exchange, Trademark Filings Show
Meta Pay has submitted five trademark applications, indicating that the company is considering entering the cryptocurrency payments market.
- Meta has filed five trademark applications in the United States for Meta Pay, its newly rebranded payments service.
- According to the applications, the company may be planning to launch a variety of crypto-related products and services, including a cryptocurrency exchange and a wallet.
- Meta Pay hopes to deliver a cross-platform "one wallet experience," according to Stephane Kasriel, the company's fintech head.
For its rebranded Meta Pay payments platform, Meta has filed five trademark applications in the United States. According to the trademarks, the company may be planning to create a crypto product suite, including a Web3 wallet and cryptocurrency exchange.
Meta NFT Collectable Trials
The announcement comes after Meta Platform filed eight further trademarks for blockchain and Metaverse solutions in March, and later stated in May that it has initiated testing of digital collectibles, or non-fungible tokens (NFTs), from US creators on Instagram.
According to Meta, the new functionality would allow US users to share NFTs with their descriptions, as well as automatic labeling of makers and collectors.
The Menlo Park-based tech behemoth would also "gather and organize" public data from open blockchains such as Ethereum and Polygon to identify collectables and their owners while connecting to third-party apps, with support for Flow and Solana coming soon.
In the next months, Instagram will add support for third-party wallets including MetaMask, TrustWallet, and Rainbow, as well as Coinbase Wallet, Dapper, and Phantom.
The business also stressed the importance of "keeping Instagram a safe and pleasant environment for everyone," where users could report collectibles that broke the platform's community guidelines, as well as lowering emissions through renewable energy initiatives.
The announcement comes only a week after Meta CEO Mark Zuckerberg teased audiences with a video demonstrating the company's mixed reality (MR) headset, Project Cambria.
Following its rebranding in October of last year, Meta has introduced a slew of cutting-edge solutions and tools for developing immersive technologies, including its Cambria and Nazare head-mounted displays, a slew of AI platforms, a forthcoming Research SuperCluster, and ReSkin haptic interfaces.
