As per record, Social media giant Facebook's parent company, Meta submitted five trademark applications to the United States Patent and Trademark Office, USPTO, on May 13 with a planning to launch a payments platform with support for cryptocurrency described Meta Pay.

The trademark filing is Meta’s latest crypto-related work. Meta filed five applications for its namesake to be used in a platform called Meta Pay. Meta filed eight trademark applications with the USPTO related to Metaverse and blockchain technology In March. The trademark applications, filed on May 13, described Meta Pay as an online social networking service for investors where digital and blockchain assets, as well as digital currency, virtual currency, cryptocurrency, digital tokens, and crypto tokens, can be traded and exchanged within this networking service for investors. Meta announced plans to begin testing NFTs on Instagram earlier this month.

As per details in the trademark filing, Meta Pay could include digital asset lending and investment services along with payment and trading.

On May 9 According to CEO Mark Zuckerberg the company is working on digital collectibles on Instagram, signalling a move toward adding nonfungible tokens, or NFTs. Currently Meta controls several major apps that includes WhatsApp, Facebook Messenger and Facebook.

In December 2021 social media giant previously acquired the MetaPay.com domain name from the South Dakota-based MetaBank in a $60 million deal. In the first quarter of the year with the announcement that its metaverse-focused unit Reality Labs lost almost $3 billion, these efforts have not gotten off to a great start.

In October 2021 Meta was rebranding from Facebook. Many initiatives have been announced by the company focussing to extending a hand to crypto users. As an extension of its online presence, Meta also recently opened a brick-and-mortar metaverse-themed retail store dedicated to the metaverse in the San Francisco Bay Area.

Similar applications related to possible entries into the Metaverse or otherwise expanding into the crypto area have been filed by other companies based in the United States that include Stokely Van Camp, the Air Force, the New York Stock Exchange, and Mastercard. Usually, trademark applications take around eight months to process the first action as of March as per the USPTO website.

Indrani bose

CBW - External Analyst

INDIA