Meta, formerly Facebook, has filed an application in the US that shows the company’s plans to venture into the cryptocurrency space. The filings show that the company is expanding its Meta Pay payments product through new crypto products, including a cryptocurrency exchange and a Web 3 wallet.
Meta’s trademark filings show plans to launch the exchange
The latest trademark filings by Meta show that the company is focusing more on Web3 technology. The social media company filed five trademark applications for its Meta Pay payments product showing the company’s planned endeavour into the buzzing cryptocurrency space.
The trademark applications were filed on May 13 with the United States Patent and Trademark Office to protect Meta Pay and other affiliated logos and symbols related to products and services in the crypto space.
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The patent touches on several crypto-related products such as a cryptocurrency wallet, a trading service and an online social networking service available for investors. According to these trademark applications, Meta plans to venture into cryptocurrency lending, card and investment services.
The trademark applications come shortly after a blog post by the social media giant, where the fintech lead, Stephane Kasriel, noted that Facebook Pay would be rebranded into Meta Pay. At the time, Kasriel said that the company was optimistic about Web3 technology and the principles that surrounded the space. He also reiterated the company’s interest in crypto.
“We’re in the very early stages of scoping out what a single wallet experience might look like and will have more to say further down the line. But to break down our early thinking, we’re looking at: how you can prove who you are and carry that identity into different experiences in the Metaverse; how you can store the digital goods you own and take them with you wherever you go; and how you can pay easily and with the payment method you want, whether that’s to a friend or buying from a business or creator,” Kasriel noted.
Meta embraces NFTs
Meta further cemented its plans for Web3 with the launch of non-fungible tokens on Instagram. Last week, Meta’s CEO, Mark Zuckerberg, announced that the company would test an NFT feature on Instagram. The feature will be available to selected NFT enthusiasts in the United States.
Meta is also planning to extend the NFT services to Facebook. In April, Meta reportedly revealed plans to enter the finance space. The move would be supported by taking small business loans and unveiling and supporting in-app virtual currencies, social tokens and creator currencies.
This is not the first time social media is announcing plans to trade virtual currencies and blockchain technology. However, these latest trademark filings show that the company could be entering the metaverse and Web3 space soon.
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