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Meta May Launch Crypto Exchange, Trademark Filings Show

Key Takeaways

  • Meta has actually submitted 5 hallmark applications in the U.S. for its freshly rebranded payments item, Meta Pay.
  • The applications suggest that the business might have strategies to release a variety of crypto-related services and products, consisting of a crypto exchange and a wallet.
  • Last week, Meta’s fintech head Stephane Kasriel stated that Meta Pay wishes to offer a cross-platform “single wallet experience.”

Meta has actually submitted 5 hallmark applications in the U.S. for its rebranded Meta Pay payments item. The hallmarks show that the business might be wanting to introduce a suite of crypto items, consisting of a Web3 wallet and cryptocurrency exchange.

Meta Pay’s Trademark Filings Signal Pivot to Web3

Meta’s newest hallmark filings suggest that it’s buckling down about Web3.

The social networks giant has actually submitted 5 hallmark applications for its just recently rebranded payments item Meta Pay for what seems a multitude of crypto-related services. The hallmarks, submitted on May 13 with the United States Patent and Trademark Office, goal to safeguard Meta’s just recently obtained brand “Meta Pay” in addition to its associated logo designs and signs referring to a range of crypto-related services and products, consisting of a crypto wallet, a trading service, and an online social networking service for financiers.

The hallmark applications likewise recommend that Meta Pay is aiming to make a pivot into crypto loaning, card, and financial investment services. Significantly, the applications follow a May 11 post in which the company’s fintech lead Stephane Kasriel revealed Facebook Pay’s rebrand to Meta Pay. ” It’s clear that we’re extremely positive about Web3– both the innovations and concepts it incorporates,” he composed, highlighting the business’s interest in crypto innovation.

According to Kasriel, the business is wanting to surpass conventional payments and offer a “single wallet” cross-platform experience for its users. He stated:

” We’re in the really early phases of scoping out what a single wallet experience may appear like and will have more to state even more down the line. To break down our early thinking, we’re looking at: how you can show who you are and bring that identity into various experiences in the Metaverse; how you can keep the digital products you own and take them with you any place you go; and how you can pay quickly and with the payment technique you desire, whether that’s to a good friend or purchasing from a service or developer.”

Last week, Meta CEO Mark Zuckerberg revealed that the business would start screening NFTs on Instagram with strategies to include the very same functions on Facebook later. In April, it was reported that Meta was thinking about getting in financing through bank loan and introducing and supporting in-app virtual currencies, social tokens, and developer coins. While the so-called “Zuck Bucks” are yet to emerge, the company’s most current filings reveal a clear pivot towards Metaverse and Web3.

Disclosure: At the time of composing, the author of this piece owned ETH and numerous other cryptocurrencies.

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