Meta Platforms Inc. – the owner of the Meta (formerly Facebook) brand – filed for five trademark applications on Friday under the name of “Meta Pay”. They appear to be dedicated to a new digital payments platform that will integrate various cryptocurrency and blockchain-related products.
Examining “Meta Pay”
According to the applications filed on May 13th, Meta Pay is described as an “online social investment network.” It will allow users to conduct trades using digital currencies, blockchain assets, and crypto tokens, while providing user authentication and identity validation services.
Another description calls it “downloadable computer software” designed for “e-commerce”, including ordering and purchasing goods and services. Once again, it makes mention of “validating cryptocurrency transactions using blockchain technology,” and even serving as a cryptocurrency wallet.
Meta only recently abandoned work on its digital wallet NOVI, alongside its multi-year stablecoin project Diem. Many of its former developers fled towards other blockchain projects shortly after, with the former head recently announcing a shift to Bitcoin development.
However, Meta’s CEO Mark Zuckerberg maintains his fascination with the “metaverse” – a concept of virtual reality heavily supported by blockchain, cryptocurrencies, and NFTs. Nevertheless, the trademark filings for MetaPay make no mention of the “metaverse”, staying focused on blockchain and digital assets.
One of the documents also mentions “enabling users to invest in digital currency,” and “providing a digital exchange,” implying that the service may compete with the likes of Coinbase and Binance. Digital asset lending and investment services may be included.
Back in December, the company spent $60 million acquiring the MetaPay.com domain name.
Meta’s Progress With Crypto
Though the company is moving full steam ahead with its crypto adoption plans, it hasn’t gotten off to the best start. Its Metaverse focused unit Reality Labs lost almost $3 billion in Q1 of 2022, while Meta’s stock is down 42% year to date.
Zuckerberg confirmed in March that NFTs were on their way to Instagram, shortly after Twitter integrated them into its platform. Instagram has already begun testing with the blockchain assets, and Facebook is soon to follow suit.