Meta Hints to Crypto-Supported Payments Platform Launch

Meta Pay is said to be a cryptocurrency-friendly payment platform from Meta. The parent company of social media behemoths, Facebook and Instagram, has submitted five patent applications with the US Patent and Trademark Office (USPTO).

Meta is looking for licenses to operate as an “online social networking service for investors that allows financial trades and exchange of digital currency, virtual currency, cryptocurrencies, digital and blockchain assets, digitised assets, tokens, crypto tokens, and utility tokens.”

While Meta has not provided any specifics about the latest filings, trademark attorney Josh Gerben has uploaded images of them on Twitter.

These new applications, submitted on May 13, come roughly a month after Meta applied for eight additional licenses, aiming to expand its Web3 footprint, which includes the metaverse.

According to the documents, the business might launch new social networking platforms, computer software, e-commerce services, telecom services for digital asset holders, and a metaverse-focused advertising platform.

Meta said earlier this month that it is working on NFT-related capabilities for Instagram. The popular photo-messaging app will soon enable non-fungible tokens (NFTs) based on Ethereum, Polygon, Solana, and Flow blockchains.

Mark Zuckerberg’s social networking behemoth Facebook announced a new rebranding under the moniker Meta on November 1, 2021.

This rebranding design to represent the company’s desire to embrace Web3, the next phase of the Internet that relies heavily on a blockchain.

Meanwhile, Meta isn’t the only major corporation getting into the Web3 game.

Several more businesses have recently submitted trademark applications for the Web3 area in the US. American Express, Slim Jim, and the New York Stock Exchange.