Meta submitted five trademark applications for 'Meta Pay' for crypto and digital payment platform


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