Meta trademark filing shows plans for crypto-supported payment platform

Meta Inc (formerly Facebook) is planning to launch a payments platform that supports cryptocurrency. In a record submitted to the United States Patent and Trademark Office (USPTO), Meta filed five applications for a new platform that it calls ‘Meta Pay”. According to trademark attorney Josh Gerben on Twitter, the filings indicate that Meta plans to launch a payment platform called “META PAY” for users to exchange old-fashioned regular money and cryptocurrencies.

The applications seek licenses “to operate as an ‘online social networking service for investors allowing financial trades and exchange of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitised assets, digital tokens, crypto tokens and utility tokens.”

Earlier this month, Instagram said its users will now be able to showcase their blockchain artin the form of non-fungible tokens (NFTs) on the platform. Meta-owned Instagram will integrate with Ethereum, Polygon, Solana and Flow blockchain networks to facilitate this. Users will have to add their crypto wallets such as Metamask and prove their NFT ownership before showcasing it on the platform.