Will Meta Create Its Own Crypto Platform? Its 'Meta Pay' Trademark Filing Suggests It Could
- Meta's latest trademark filings for Meta Pay reflect its digital currency intentions.
- The applications cover crypto exchange services, crypto wallet services, and much more.
Meta's doors are wide open to anything blockchain-related, but the specifics are still in development.
Meta has been flirting with cryptocurrencies for several years. From its now defunct Diem stablecoin idea to its meta-themed rebranding, the social media giant has its eyes on incorporating blockchain in some form or other into its business.
Earlier this year, Meta filed eight trademark applications for crypto-related products. It also began testing NFTs on Instagram with an intention to roll them out on other platforms soon. Last week, it filed more trademarks. This time, they surround a platform called Meta Pay.
What is Meta Pay?
Meta acquired the Meta Pay brand and domain name for $60 million at the end of last year. A company blog post says Meta Pay will replace the existing Facebook Pay product. It has a range of features such as sending/requesting money and splitting payments. In some countries, WhatsApp users can send money through the app. It says it is in the early stages of figuring out what a single wallet experience might look like, something that works in both the physical world and the virtual world.
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Its recent trademark application echoes this desire. The five filings cover a multitude of possible services. One is an almost 2,000-word list of pretty much every crypto and digital payment related term you can think of -- and many that you wouldn't even guess at.
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- Providing software enabling users to invest in digital currency and other crypto assets
- Providing software for use in managing portfolios of digital currency
- Providing software which facilitates the ability of users to view, analyze, record, store, monitor, manage, trade and exchange digital currency
In short, Meta Pay could become a crypto exchange and crypto wallet. But it could become many other things. One of the filings (a much shorter one) presents it as an online social investment network, and another is more focused on marketing, advertising and promotion services.
Trademarks are not actual plans
Trademark filings are not an indication of definite plans. We've seen crypto-related trademark filings from other big companies such as Walmart, but that doesn't mean they're definitely going to launch those products. It can take over a year to get a trademark approved. By registering a trademark, companies are preparing for the possibility that they might do something and making sure no pesky copyright or brand issues trip them up when they do.
What's clear is that Meta is serious about taking a leading role in metaverses, virtual worlds, and digital currencies. Its flurry of trademark applications cover various directions that the company could take, which may or may not include a crypto exchange.
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