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The $60 million deal to obtain the Meta trademark assets shows the value of the Meta name and what it represents in the technology space.
According to spokespeople for the owner of Facebook, Meta Platforms Inc (NASDAQ: FB), the company is behind a $60 million deal to acquire the trademark assets of US regional bank Meta Financial Group (NASDAQ: CASH). The spokespeople revealed the new move on the 13th of December amid the variety of happenings in the Metaverse. When Facebook changed its name to Meta, the social media giant said it was introducing itself as a social technology company.
Meta Platforms to Acquire Trademark Assets of Meta Financial Group
The $60 million deal to obtain the Meta trademark assets shows the value of the Meta name and what it represents in the technology space. The name is based on the sci-fi term, Metaverse, which encompasses the virtual world.
In a recent regulatory filing, Meta Financial Group noted a deal it signed with Delaware company Beige Key LLC. As stated in the filing, Beige Key has agreed to purchase the worldwide rights of Meta Financial Group’s name for $60 million in cash. However, the financial company did not reveal the owner of Beige Key.
A spokesperson for Meta Platforms said the company is affiliated with Beige Key, and it has acquired the trademark assets. Separately, a spokesperson from MetaBank also confirmed Meta Platforms’ involvement in the deal. Also, reports showed that Meta Platforms have been discussing with Meta Financial Group over the trademark assets acquisition when it was still named Facebook.
Meta Financial collaborates with government agencies, financial technology firms, and other institutions to offer banking services with the aim of boosting financial inclusion.
The metaverse concept is the new trend, and it is positioned to be the successor to the mobile internet. Last week, Meta opened its Horizon Worlds apps which used to be invite-only. The apps allow users of its Quest virtual reality headsets can play games. In addition, users can also interact as avatars. Meta Platforms has now made Horizon World’s apps available to over-18 years old users in Canada and the US.
Meta Financial and Meta Platforms Stocks
The Meta Financial Group stock is currently at an after-hours trading price of $56.72. Standing at a market capitalization of $1.76 billion, the company has gained more than 61% over the past year. In addition, the financial group has climbed 55.14% since the year began, growing further by 12.67% in the last three months. However, CASH has declined over 12% over the past month and dropped 3.11% in the last five days.
At the time of writing, Meta Platforms stock is up 0.289% to $335.46 in extended trading hours. FB has jumped more than 21% in the last year, surging further by 22.45% in its year-to-date session. The social technology company has pumped 3.62% in the last five days. Meta Platforms has also recorded some losses. The company fell 11.17% in the last three months and dropped 2.47% over the past month.