Meta, the parent company of social media giant Facebook, may be planning to launch a payment platform that accepts cryptocurrencies.
According to records filed May 13 with the United States Patent and Trademark Office, or USPTO, Meta filed five applications for its name to be used on a platform called Target Pay. The requests included Meta’s name for use in a “online social network service for investors that enables the financial operations and exchange of digital currency, virtual currency, cryptocurrency, digital assets and blockchain, digitized assets, digital tokens, crypto tokens and utility tokens.”
Meta Platforms Inc. (ie Facebook) has filed 5 new trademark applications for:
“META PAY”
The filings indicate that @Goal plans to launch a payment platform called “META PAY” for users to exchange old-fashioned regular money and cryptocurrencies.#Goal $FB#Metaverse pic.twitter.com/W2ObxgAWfl
— Josh Gerben (@JoshGerben) May 18, 2022
In March, Meta filed eight trademark applications with the USPTO related to the metaverse and Blockchain technology.. CEO Mark Zuckerberg also said on May 9 that the company had started testing digital collectibles on Instagram, signaling a move toward adding non-fungible tokens, or NFTs. Meta currently controls several major applications such as WhatsApp, Facebook Messenger, and Facebook.
Other US companies, such as the producer of Gatorade Similar applications have been filed by Stokely-Van Camp, the Air Force, the New York Stock Exchange, and Mastercard related to possible entries into the metaverse or expanding into the cryptocurrency space. According to the USPTO website, trademark applications take approximately eight months to process for the first action.
Since Facebook’s name change to Meta in October 2021, the social media giant has announced many initiatives seemingly aimed at reaching out to cryptocurrency users. In addition to its online work, Meta has also recently expanded its real-world presence with the opening of a metaverse-themed physical retail store in the San Francisco Bay Area.
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