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The Meta Pay crypto payments filing submitted by Facebook parent Meta Platforms will open users to more cryptocurrency and digital tokens.
Meta Platforms Inc (NASDAQ: FB) filed five trademark applications last Friday, May 13th, a move that suggests plans for an upcoming crypto payments platform. Eponymously dubbed ‘Meta Pay’, the corporate brand was acquired last year by Meta for $60 million. Meta purchased the MetaPay.com domain name in December 2021 from MetaBank, N.A., a traditional bank based in Sioux Falls, South Dakota.
According to the filed trademark applications, Meta Pay is an “online social networking service for investors allowing financial trades and exchange of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digital tokens, [and] crypto tokens.”
In addition to its core crypto payments and trading services, Meta Pay might also include other organic crypto-focused services. According to details contained in the trademark filing, these include lending and investment services for digital assets.
Latest Meta Crypto Payments Filing Underscores Company’s Metaverse Commitment
This trademark filing represents Meta’s latest play at crypto-centric products and services. It also underscores the company’s (formerly known as Facebook) commitment to playing a key role in the emerging metaverse.
Back in March, Meta filed eight trademark applications for its blue, two-loop logo. The trademark filing submitted by the Facebook and Instagram parent covered several crypto-related subject matters. Some of the matters specified include crypto tokens, blockchain software, virtual currency exchanges, currency trading, digital tokens, and virtual currencies.
Furthermore, earlier this month, Meta also disclosed plans to initiate the testing of digital collectibles and non-fungible tokens (NFTs) on Instagram. The service allows users to place NFTs as Instagram profile pictures and is currently in beta testing. In addition, these select users – mostly creators and collectors – could post the NFTs at no extra cost. Meta explained that the ultimate goal is to eventually launch the NFT feature across Facebook for all users. According to a company representative, “soon, we [they] will roll out digital collectibles on Facebook, and will also soon allow people to display and share their digital collectibles as AR stickers in Instagram Stories, bringing the benefits of this technology to even more creators and collectors.”
Supported blockchains of the digital collectibles’ beta testing include Ethereum and Polygon, with Flow and Solana coming soon. Meta also stated that the feature will share compatibility with third-party wallets, including Rainbow, MetaMask, and Trust Wallet. Rounding out the group are established blockchain-focused platforms such as Dapper, Phantom, and Coinbase.
Metaverse Race Heats Up
Back in April, banking giant Goldman Sachs stated that the main metaverse race was between Meta Platforms and Apple (NASDAQ: AAPL). In a published report, the New York-based bank explained the notable differences in strategy between both tech heavyweights. According to Goldman Sachs, Meta remains focused on user accumulation, while Apple seeks to co-opt the metaverse into its ecosystem.
The perceived rivalry between Meta and Apple was recently on display. In a new privacy ad, the consumer electronics tech giant took shots at Meta and the entire internet.