Meta, formerly Facebook, has just filed five trademark applications in the United States for a new digital platform called Meta Pay. The trademark application was filed on May 13. Meta Pay is described as an online social networking service for investors. It enables financial transactions and exchanges of digital currencies, tokens and blockchain. In addition to payments and transactions, Meta Pay also supports digital asset lending and investment services. This issue is detailed in the trademark application.
The social media giant previously acquired the MetaPay.com domain from MetaBank, the South Dakota-based bank, in a $60 million deal in December 2021. The filing of the trademark application is Meta’s latest cryptocurrency-related activity. After the company announced plans to start testing NFT on Instagram earlier this month. Previously, Meta filed eight trademark applications for its logo. This is an act that demonstrates the company’s efforts to develop, towards the digital economy. However, these efforts have not yielded good results. The company reports that its focus on supermarket Reality Labs caused it to lose nearly $3 billion in the first quarter of 2022. The company’s previous Diem stablecoin project was also unsuccessful. The reason is that it has faced fierce opposition from regulators across the globe. Profits from the project were later sold to U.S.-based silvergate bank.