Facebook’s Parent Company Might be Launching Crypto Payments Platform

Earlier this month, Meta — formerly known as Facebook — submitted five new applications for trademarks with the U.S. Patent and Trademark Office. The applications would be for a new platform called Meta Pay, indicating the social media giant is aiming to unveil a new cryptocurrency-oriented payments platform later this year.

Trademarks typically take approximately eight months to process.

In December 2021, Meta purchased MetaPay.com for $60 million from MetaBank in South Dakota, hinting at a future business venture using the name.

According to the filing, Meta Pay may enable users to lend and invest with cryptocurrencies and will formally launch a crypto wallet. Calling itself an “online social investment network” in the filing, the company said Meta Pay would enable customers to trade virtual assets and crypto tokens and “validat[e] cryptocurrency transactions using blockchain technology.”

Last October, Facebook rebranded as Meta and plunged deeper into the virtual space, particularly related to cryptocurrency and digital asset integration. In May, Meta announced it was enabling non-fungible tokens or NFTs on Instagram, allowing NFTs to appear on user feeds, stories, and messages.

Previously, Meta registered eight trademark applications for the Meta logo.

Despite Mark Zuckerberg’s enthusiasm for the “metaverse,” however, Reality Labs — the metaverse-focused segment of the company, recently lost nearly $3 billion during its first quarter. Meta’s own stock has dropped 42% this year.