Meta has filed five trademark applications with the US Patent and Trademark Office for an online social networking service for financial services.
Meta Pay’s trademark filing was received on May 13, with the intended services including the exchange of virtual currency, cryptocurrency, digital and blockchain assets, digital tokens, and crypto tokens.
The offering is also expected to incorporate digital asset lending and investment services as per the details of the trademark filing.
Meta, formerly called Facebook, bought the MetaPay.com domain from South Dakota’s MetaBank in a $60 million deal in 2021.
The trademark filing follows the latest announcement by Meta that it would start testing NFTs on Instagram at the start of the month. The company earlier filed eight trademark applications for its logo to advance the digital economy.
Meta’s attempts to launch a stablecoin project stalled due to regulatory pressure forcing the company to sell the assets for the venture to US-based bank Silvergate.
Meta Platforms (Facebook) has filed 5 trademark applications for META PAY. The applications signal plans for— Mike Kondoudis (@KondoudisLaw) May 18, 2022
▶️ Digital, crypto, and virtual currencies
▶️ Financial + currency trading
▶️ Virtual currency services
▶️ Blockchain software#NFTs #Metaverse #Cryptocurrency pic.twitter.com/b7eTmm62Xt