Meta Platforms Inc. – the proprietor of the Meta (previously Fb) model – filed for 5 trademark functions on Friday underneath the identify of “Meta Pay”. They seem like devoted to a brand new digital funds platform that may combine varied cryptocurrency and blockchain-related merchandise.
Analyzing “Meta Pay”
In response to the functions filed on Could thirteenth, Meta Pay is described as an “on-line social funding community.” It’ll permit customers to conduct trades utilizing digital currencies, blockchain property, and crypto tokens, whereas offering person authentication and identification validation companies.
One other description calls it “downloadable pc software program” designed for “e-commerce”, together with ordering and buying items and companies. As soon as once more, it makes point out of “validating cryptocurrency transactions utilizing blockchain know-how,” and even serving as a cryptocurrency pockets.
Meta solely not too long ago abandoned work on its digital pockets NOVI, alongside its multi-year stablecoin undertaking Diem. Lots of its former builders fled in the direction of different blockchain tasks shortly after, with the previous head not too long ago announcing a shift to Bitcoin growth.
Nonetheless, Meta’s CEO Mark Zuckerberg maintains his fascination with the “metaverse” – an idea of digital actuality closely supported by blockchain, cryptocurrencies, and NFTs. However, the trademark filings for MetaPay make no point out of the “metaverse”, staying targeted on blockchain and digital property.
One of many paperwork additionally mentions “enabling customers to spend money on digital foreign money,” and “offering a digital change,” implying that the service could compete with the likes of Coinbase and Binance. Digital asset lending and funding companies could also be included.
Again in December, the corporate spent $60 million buying the MetaPay.com area identify.
Meta’s Progress With Crypto
Although the corporate is shifting full steam forward with its crypto adoption plans, it hasn’t gotten off to one of the best begin. Its Metaverse targeted unit Actuality Labs misplaced nearly $3 billion in Q1 of 2022, whereas Meta’s inventory is down 42% yr so far.
Zuckerberg confirmed in March that NFTs had been on their solution to Instagram, shortly after Twitter built-in them into its platform. Instagram has already begun testing with the blockchain property, and Fb is quickly to comply with go well with.