Meta has been dealing with cryptocurrencies for several years now. From its now-defunct Diem stablecoin idea to its Meta-themed rebrand, the social media giant has been eyeing to incorporate blockchain into its business in some form.
Earlier this year, Meta filed eight trademark applications for cryptocurrency-related products. It has also started testing NFTs on Instagram and intends to roll it out on other platforms soon. Last week, it filed more trademarks. This time, they revolved around a platform called Meta Pay.
What is Meta Pay?
Late last year, Meta acquired the Meta Pay brand and domain name for $60 million. Meta Pay will replace the existing Facebook Pay product, according to a company blog post. It has a range of functions such as sending/paying payments and splitting payments. In some countries, WhatsApp users can pay through the app. Meta says it is in the early stages of exploring a single wallet experience that works in both the physical and virtual worlds.
Meta’s recent trademark filing echoes this desire. The five applications cover a wide range of possible services. One of them is a nearly 2,000-word list that covers just about every cryptocurrency and digital payments-related term you can think of – and many more you can’t even guess.
Provides software that enables users to invest in digital currencies and other cryptocurrency assets
Provides software for managing digital currency portfolios
Provides software that allows users to view, analyze, record, store, monitor, manage, trade and exchange digital currency.
In short, Meta Pay can be a cryptocurrency exchange and cryptocurrency wallet. But it could also be many other things. One of the documents (the shorter one) proposes that it is an online social investment network, the other is more focused on marketing, advertising and promotion services.
Trademarks are not Actual Plans
A trademark application does not indicate a clear plan. We’ve seen cryptocurrency-related trademark filings from other big companies like Walmart, but that doesn’t mean they’ll definitely launch these products. Getting approval for a trademark can take more than a year. By registering a trademark, companies are preparing for what they might do.
It is clear that Meta is serious about taking a leading role in the metaverse, virtual world and digital currency. Meta’s slew of trademark filings indicate various potential directions of action for the company, which may or may not include cryptocurrency exchanges.