Meta Trademark Filing for ‘META PAY’ Hints at Possible Crypto Platform
Proposed use cases included a networking service allowing investors to trade or exchange cryptocurrency.
Meta may be planning to launch a cryptocurrency platform in the near future, according to a recent trademark filing with the United States Patent and Trademark Office (USPTO). The filing is for the name “META PAY” and outlines a networking service that would allow investors to trade or exchange cryptocurrency as one of its possible use cases.
Meta Platforms Inc. (i.e. Facebook) has filed 5 new trademark applications for:
The filings indicate that @Meta plans to launch a payment platform called “META PAY” for users to exchange old-fashioned regular money and cryptocurrencies.#Meta $FB#Metaverse pic.twitter.com/W2ObxgAWfl
— Josh Gerben (@JoshGerben) May 18, 2022
Other use cases outlined in the filing relate to, online social investment networks, digital assets, digital tokens, cryptocurrencies, and blockchain technology-based websites.
The move comes just weeks after Mark Zuckerberg announced that Instagram would begin allowing some users to display NFTs. Prior to this, Meta also filed a series of trademark applications a few months ago related to virtual reality wearables, metaverse advertising, and blockchain token transactions.
Additionally, in early April, Zuckerberg announced the beta rollout of payment features for creators in Meta’s Horizon Worlds. The Web3 community on Twitter was not pleased with the proposed fees which totaled 47.5% of the creator’s earnings. However, with over $10 billion USD invested in Web3, Meta continues to pursue the cementing of its name in the space — through the metaverse, NFTs, and now potentially a cryptocurrency network.
In other Crypto news, Robinhood unveils plans to launch a multichain Web3 wallet.