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Meta applies for five patents as it is set to release crypto-enabled payment platforms

Reports reveal that Meta recently filed an application on May 13th, 2022. This comes nearly a month after it filed an application for eight more licences, as it makes plans to launch deeper into the Web3 space, which includes the metaverse.

Meta Pay is the name of the payment platform. This payment platform is designed to help with cryptocurrencies. The holding company has filed an application with the US Patent and Trademark Office (USPTO). Meta is trying to get licences to be an online social networking service for investors that allows financial trades and traders of virtual currency, digital currency, cryptocurrency, virtual and blockchain assets, digitised assets, virtual tokens, crypto tokens, and application tokens.

However, Meta has not provided sufficient details on this new platform and filings. But, Josh Gerben, a trademark attorney, shares some very important details. “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 filings suggest that this huge business may also release new social networking platforms, computer software, e-trade services, telecom options for people who own virtual assets, and a marketing and advertising platform that is focused on the metaverse.

Meta has further expressed commitment to preparing NFT-related functions for Instagram. This commitment was expressed in the early days of the month. Mark Zuckerberg’s social networking giant, Facebook, was rebranded. It was also renamed “Meta.” The aim of the rebranding is targeted at ensuring that the brand reflects the business enterprise’s inclination in the direction of adopting the brand-new section of the Internet, which largely depends on blockchain.

The Web3 sector is a disruptive innovation spreading across the world. This explains why major platforms and organisations are embracing this evolving technology. Meanwhile, Meta is not the only commercial giant that is pushing into the Web3 sector.

In recent days, numerous different manufacturers have additionally filed for patents across the Web3 area within the US. Major platforms like the New York Stock Exchange and American Express have reportedly made moves to be a part of blockchain technology.