Meta Hints at Launching Crypto-Supported Payments Platform, Files for Five Patents

These fresh applications filed on May 13, come almost a month after Meta applied for eight more licences, seeking to delve deeper into the Web3 space, including the metaverse.

By Radhika Parashar | Updated: 19 May 2022 14:27 IST

Photo Credit: Reuters

Meta aims to operate as an ‘online social networking service for investors’

Highlights

It could be months before Meta gets approvals
Meta could soon bring trade services for virtual assets
Meta’s fresh Web3 filings have emerged on Twitter

Meta Pay could be an upcoming payment platform from Meta that will support cryptocurrencies. The parent of social networking giants Facebook and Instagram, has filed for five applications with the United States Patent and Trademark Office (USPTO). Meta is seeking licences to operate as an ‘online social networking service for investors allowing financial trades and exchange of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitised assets, digital tokens, crypto tokens and utility tokens'.

While Meta has not revealed details about these new filings, screenshots of the same have been shared by trademark attorney, Josh Gerben on Twitter.

Meta Platforms Inc. (i.e. Facebook) has filed 5 new trademark applications for:

"META PAY"

The filings indicate that @Meta plans to launch a payment platform called "META PAY" for users to exchange old-fashioned regular money and cryptocurrencies.#Meta $FB #Metaverse pic.twitter.com/W2ObxgAWfl
— Josh Gerben (@JoshGerben) May 18, 2022

These fresh applications filed on May 13, come almost a month after Meta applied for eight more licences, seeking to delve deeper into the Web3 space, including the metaverse.

The company may introduce new social networking platforms, computer software, e-commerce service, telecom services for digital asset holders, and a metaverse-focussed advertising platform, those filings suggested.

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Earlier this month, Meta said it's readying NFT-related features for Instagram. In the coming days, the popular photo-messaging app will support non-fungible tokens (NFTs), built on four blockchains — Ethereum, Polygon, Solana, and Flow.

On November 1 2021, Mark Zuckerberg's social networking mammoth Facebook announced a fresh rebranding under a new name, Meta.

This rebranding was intended to reflect the company's inclination towards adopting the new phase of the Internet, largely relying on blockchain, known as the Web3.

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Meanwhile, Meta is not the only industrial giant that is foraying into the Web3 sector.

In recent days several other brands have also filed for trademarks around the Web3 space in the US. These include the American Express, Slim Jim, and New York Stock Exchange.

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Further reading: Meta, Cryptocurrency, Mark Zuckerberg, Facebook, Instagram

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More