Meta Pay, crypto payment platform, registered by Meta 5 trademark applications

On Friday, Meta Platforms Inc., the owner of the Meta (previously Facebook) brand, submitted five trademark applications under the name Meta Pay. They appear to be working on a new digital payments platform that will include a variety of bitcoin and blockchain-related products.

According to a filing with the United States Patent and Trademark Office (USPTO), Meta has filed five trademark applications for the Meta Pay platform. The application was submitted under the description Meta Pay as an “online social networking service for investors wishing to trade finance, exchange cryptocurrencies, virtual currencies, cryptocurrencies, digital assets digital and blockchain…”

In addition to payments and transactions, Meta Pay will likely provide additional asset lending and investment services, according to other details in the application.

Another way to describe it is “downloadable computer software” built for “e-commerce,” which includes ordering and purchasing goods and services. It mentions “validating bitcoin transactions using blockchain technology” and even operating as a cryptocurrency wallet once more. The social media giant previously acquired the MetaPay.com domain name from the South Dakota-based MetaBank in a $60 million deal in December 2021.

Meta previously filed 8 trademark applications with the USPTO related to Metaverse and blockchain technology, describing the move as part of an effort toward the digital economy. These efforts didn’t get off to a good start as Meta’s metaverse development division reported a $2.9 billion loss in the first quarter of the year alone.

Meta has only recently ceased development of its digital wallet NOVI, as well as its multi-year stablecoin project Diem. Many of its former developers quickly moved on to other blockchain projects, with the former CEO recently declaring a transition to Bitcoin development.

However, Meta’s CEO, Mark Zuckerberg, continues to be fascinated with the “metaverse” — a virtual reality notion highly supported by blockchain, cryptocurrencies, and NFTs.

Zuckerberg confirmed in March that NFTs were on their way to Instagram shortly after Twitter integrated them into its platform. Instagram has already begun testing with the blockchain assets, and Facebook is soon to follow suit. Nonetheless, trademark applications of Meta Pay make no reference to the “metaverse,” instead of focusing on blockchain and digital assets.

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