On Friday, Meta Platforms Inc., the company behind the Meta (previously Facebook) brand, submitted five trademark applications under the name “Meta Pay.” They appear to be working on a new digital payment platform that will include a variety of bitcoin and blockchain-related services.
Meta Pay is described as an “online social investment network” in the applications filed on May 13th. Users will be able to trade digital currencies, blockchain assets, and crypto tokens while also receiving user identification and identity validation services.
It’s often called “downloadable computer software” for “e-commerce,” which includes ordering and purchasing goods and services. In addition, it mentions “validating cryptocurrency transactions using blockchain technology” once more and operating as a cryptocurrency wallet.
Meta just recently abandoned its multi-year stablecoin project Diem and its digital wallet NOVI. Many of its former developers quickly moved on to other blockchain projects, with the company’s former CEO recently declaring a transition to Bitcoin development.
However, Mark Zuckerberg, the CEO of Meta, continues to be fascinated with the “metaverse,” a virtual reality concept based on blockchain, cryptocurrencies, and NFTs. Despite this, MetaPay’s trademark applications make no reference to the “metaverse,” instead focusing on blockchain and digital assets.
The docs also reference “allowing customers to invest in digital currency” and “offering a digital exchange,” hinting that the service will compete with Coinbase and Binance. Additionally, lending and investing services for digital assets may be included.
In December, the corporation paid $60 million for the MetaPay.com domain name.
Though the corporation is pressing through its crypto adoption goals at full speed, it hasn’t had the best start. Reality Labs, which focuses on the Metaverse, lost about $3 billion in the first quarter of 2022, and Meta’s stock is down 42 percent year so far.
In March, just after Twitter introduced NFTs into its platform, Zuckerberg revealed that they were on their way to Instagram. Instagram has already started experimenting with blockchain assets, and Facebook is expected to do so soon.
