Meta files five trademark applications for crypto and digital payment platform “Meta Pay”
- The social media giant has filed trademark applications for a digital asset trading and payment platform called Meta Pay.
- Meta previously acquired the Meta Pay corporate brand from a US bank for $60 million last year.
Meta, formerly Facebook, has filed five trademark applications in the United States for what appears to be a new digital platform dubbed Meta Pay.
The trademark applications, filed on May 13, described Meta Pay as an “online social networking service for investors enabling financial transactions and the exchange of digital currency, virtual currency, cryptocurrency, digital assets and blockchain, digital tokens, [and] cryptographic tokens.
Besides payment and commerce, Meta Pay could also include digital asset lending and investing services, according to further details in the trademark filing.
The social media giant previously acquired the MetaPay.com domain name from South Dakota-based MetaBank in a $60 million deal in December 2021.
Trademarking is the latest crypto-related game from Meta that announced plans to start testing NFTs on Instagram earlier this month.
Meta previously filed eight trademark applications for its logo with the company outlining this move as part of its pivot to the digital economy.
Those efforts didn’t get off to a good start, with the company announcing that its metaverse-focused Reality Labs unit lost nearly $3 billion in the first quarter of the year.
The company’s stablecoin Project Diem also failed to get off the ground amid significant opposition from regulators around the world. The assets of this initiative were then sold to the American bank Silvergate.
© 2022 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.