Facebook Parent Meta May Launch Crypto Payments Platform, Trademark Applications Hint

Called Meta Pay, the platform will also let users transact regular currencies as well.

Meta owns popular platforms such as Facebook, Instagram, and WhatsApp.

Source : Getty

New Delhi: Meta, formerly known as Facebook, may soon foray into cryptocurrency payments. As per new trademark applications filed at the United States Patent and Trademark Office (USPTO), Meta Platforms may soon launch Meta Pay, a payments platform that will let users exchange cryptocurrencies as well as regular money. Earlier in March, Meta had filed for several Web3-related trademarks, including a dating app for crypto investors. Meta owns popular social networking and instant messaging platforms such as Facebook, Instagram, and WhatsApp.

On May 18, trademark attorney Josh Gerben took to Twitter to share a screenshot of the USPTO application for Meta Pay. Filed on May 13, the application clearly mentions “Meta Pay,” and explains that the “financial transaction processing service” will look to provide “secure commercial transactions and payment option.”

Meta Platforms Inc. (i.e. Facebook) has filed 5 new trademark applications for:

"META PAY"

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

The application also points out that Meta Pay will provide a “financial exchange for the trading of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitised assets, digital tokens, crypto tokens, and utility tokens.” This is part of a total of five applications filed.

It should be noted that Meta hasn’t made any official announcement about launching a crypto payments service. So, this information should be considered with a pinch of salt.

In March, Meta reportedly filed for eight trademark applications for Web3 services. The company is said to be looking at launching new social networking platforms, computer software, telecom services for digital asset holders, a metaverse-focussed advertising platform, and even a dating app for crypto investors.