Meta’s latest trademark filings indicate that it’s getting serious about Web3.
Five applications were filed by the social media giant. Demands for trademarks for its newly rebranded payments product Meta Pay, which is likely to cover a wide range of crypto-related services. The trademarks, filed on May 13 with the United States Patent and Trademark Office, aim to protect Meta’s recently acquired brand name “Meta Pay” as well as its associated logos and symbols pertaining to a variety of crypto-related products and services, including a crypto wallet, a trading service, and an online social networking service for investors.
Meta Pay’s trademark applications suggest that it is seeking to expand into crypto lending, investment services, and card business. Notably, the applications follow a May 11 blog post in which the firm’s fintech lead Stephane Kasriel announced Facebook Pay’s rebrand to Meta Pay. “It’s no secret that we’re very optimistic about Web3—both the technologies and principles it encompasses,” he wrote, highlighting the company’s interest in crypto technology.
According to Kasriel, the company is looking to go beyond traditional payments and provide a “single wallet” cross-platform experience for its users. He stated:
“We’re in the very early stages of scoping out what a single wallet experience might look like and will have more to say further down the line. But to break down our early thinking, we’re looking at: how you can prove who you are and carry that identity into different experiences in the Metaverse; how you can store the digital goods you own and take them with you wherever you go; and how you can pay easily and with the payment method you want, whether that’s to a friend or buying from a business or creator.”
Mark Zuckerberg, CEO of Meta, announced last week that the company would start testing NFTs via Instagram. Later on, plans are to add similar features on Facebook. It was reported in April that Meta was looking at small-business loans to finance its launch and support of virtual currencies, creator coins, and social tokens. While the so-called “Zuck Bucks” are yet to materialize, the firm’s latest filings show a clear pivot toward Metaverse and Web3.