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Meta May Launch Crypto Exchange, Trademark Filings Show

Meta (Facebook) May Jump Into NFTs And Crypto Shows Patent Filing; Crypto  Market Down

Key Takeaways

  • Meta has submitted 5 hallmark applications in the U.S. for its freshly rebranded payments item, Meta Pay.
  • The applications show that the business might have strategies to release a multitude 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 supply a cross-platform “single wallet experience.”

Meta has submitted 5 hallmark applications in the U.S. for its rebranded Meta Pay payments item. The hallmarks suggest that the business might be seeking 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 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, objective to secure Meta’s just recently gotten brand “Meta Pay” along with 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 seeking to make a pivot into crypto financing, 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 obvious that we’re positive about Web3– both the innovations and concepts it includes,” he composed, highlighting the business’s interest in crypto innovation.

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

” We’re in the 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 items you own and take them with you anywhere you go; and how you can pay quickly and with the payment approach you desire, whether that’s to a pal or purchasing from an organization or developer.”

Last week, Meta CEO Mark Zuckerberg revealed that the business would start evaluating NFTs on Instagram with strategies to include the same functions on Facebook in the future. In April, it was reported that Meta was thinking about getting in financing through a 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 newest filings reveal a clear pivot towards Metaverse and Web3.

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