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Facebook Paid a South Dakota Bank $60M On Meta Naming Rights

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Joyashree Dey Follow

INDIA

Dec, 22 2021

Dec, 22 2021

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On 20th December, Monday, Meta Financial Group (Facebook) said in a U.S. Securities and Exchange Commission (SEC) filing that it had gone into a $60M deal with a Delaware organization, Beige Key LLC to procure the trademark rights associated with its Meta Financial name.

In the regulatory filing, Meta Financial Group said that Beige Key LLC gobbled up the domestic and international rights to the organization's naming assets for $60 million in cash. According to Reuters, the proprietor of Beige Key was not uncovered yet.

The bank said that Beige Key had consented to get all overall privileges to its organization names. No details were explained in the filing with regards to the identity of Beige.

"Beige Key is affiliated with us and we have acquired these trademark assets," announced Reuters, A representative for MetaBank additionally affirmed the contribution of the Facebook parent to Reuters.

The Meta Platforms representative let Reuters know that the Mark Zuckerberg-drove social behemoth was occupied with arrangements with Meta Financial before the name change was declared.

The deal between Meta Platforms and Meta Financial is a demonstration of how important the Meta name has become for the online media goliath, noted Reuters.

Meta Platforms is wagering big about Metaverse. "From now on, we’re going to be metaverse-first, not Facebook-first," Zuckerberg had said at the hour of the rebranding.

Interest in metaverse shot up with a few cryptocurrencies connected to virtual spaces shooting up after Facebook's rebranding declared, As of late, record "land" deals have been noted in the metaverse.

On the very same day, Loup Ventures expert Gene Munster said metaverse was among the two new item classifications that could fuel the growth of Apple Inc AAPL +0% going ahead.


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Joyashree Dey

CBW - External Analyst

INDIA

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