Quick Take
- The social media giant has submitted trademark applications for a digital assets trading and payment platform called Meta Pay.
- Meta previously acquired the Meta Pay corporate brand from a US bank for $60 million last year.
Meta, formerly Facebook, has submitted five trademark applications in the United States for what appears to be new digital platform dubbed Meta Pay.
The trademark applications, filed on May 13, described Meta Pay as 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.”
Apart from payment and trading, Meta Pay could also include digital asset lending and investment services, per other details in the trademark filing.
The social media giant previously acquired the MetaPay.com domain name from the South Dakota-based MetaBank in a $60 million deal in December 2021.
The trademark filing is Meta’s latest crypto-related play having announced plans to begin testing NFTs on Instagram earlier this month.
Meta previously filed eight trademark applications for its logo with the company describing the move as part of its pivot towards the digital economy.
These efforts have not gotten to a great start with the company announcing that its metaverse-focused unit Reality Labs lost almost $3 billion in the first quarter of the year.
The company’s Diem stablecoin project also failed to get off the ground amid significant opposition from regulators across the globe. The assets from that initiative were later sold to the US-based bank Silvergate.
