Meta, formerly Facebook, has applied for 5 new trademarks for “META PAY”. According to documents shared by lawyer Josh Gerben on Twitter, META PAY has a plan to launch an exchange that will allow trading between fiat currencies and cryptocurrencies.
5 trademark applications have been made for META PAY, fiat and crypto money bridge is being prepared
(Facebook) META PAY offers payment systems solutions, cards, credit products, electronic funds transfer and ATM sponsorship. It is a Meta initiative focused on providing custom product solutions. Josh Gerben, who acts as a trademark attorney, said on Twitter on May 18 that Meta has filed 5 new trademark applications for META PAY. Gerben also says that META PAY has an exchange plan that will allow trading between fiat and cryptocurrencies. Related tweet:
Facebook goes full Meta
If the company allows cryptocurrency trading, around 1 billion users are expected to use the fiat-to-crypto bridge. The company had this to say about the move to Meta in a May 13 statement:
The experience users are currently seeing is Facebook Pay, but we’ll be renaming it to Meta Pay soon to bring it closer to the Meta brand.
Stephane Kasriel says Facebook Pay will become Meta Pay
Meanwhile, Meta’s head of fintech Stephane Kasriel has a blog In his post, he confirmed the rebranding of Facebook Pay as Meta Pay to improve payment experiences with Web3. According to Kasriel, Meta and the metaverse are poised to pioneer new experiences, including payment experiences. For this reason, it explains how Meta wants to do this in three main points.
- First, Kasriel explains that Meta has been in the payments industry since 2009, is used in 160 countries with 55 currencies, and the next step will be to focus on these countries rather than expanding into new ones.
- Second, another goal of Meta Pay in payments is to make the experience across platforms interoperable with the metaverse by simplifying it. In this context, Kasriel points out that Meta is still in the very early stages of definition.
- The latest evolution of Meta Pay will be to empower companies and developers to better acquire and serve their customers and supporters through the new events metaverse offers. Kasriel states that while companies are investing in commerce specifically through messaging, they are investing in helping creators make money through new products and features that simplify payments.
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