Meta Pay is described as an "online social investment network," according to applications filed May 13. It will allow users to make transactions using digital currencies, blockchain assets and cryptocurrency tokens, while providing user authentication and identity confirmation services.
Another description calls it "downloadable computer software" designed for "e-commerce," including ordering and purchasing goods and services. Again, it mentions "confirmation of cryptocurrency transactions using blockchain technology" and even a cryptocurrency wallet feature.
Meta only recently discontinued work on its digital wallet NOVI, along with its longstanding stable cryptocurrency project Diem. Many of its former developers left for other blockchain projects shortly thereafter, and a former executive recently announced a move into bitcoin development.
However, Meta CEO Mark Zuckerberg remains passionate about the "meta universe," a virtual reality concept largely supported by blockchain, cryptocurrencies and NFT. However, the MetaPay trademark application does not mention the "meta-universe," but instead focuses on blockchain and digital assets.
One document also mentions "enabling users to invest in digital currency" and "providing a digital exchange," implying that the service could compete with exchanges such as Coinbase and Binance. The service could include credit and investment services for digital assets.
Back in December, the company spent $60 million to acquire the domain name MetaPay.com.
Meta's progress on cryptocurrencies
Although the company is well underway with its cryptocurrency plans, it's not off to the best start. Its Metaverse-focused Reality Labs division lost nearly $3 billion in the first quarter of 2022, and Meta's stock is down 42% year over year.
In March, Zuckerberg confirmed that NFT was on its way to Instagram, shortly after Twitter integrated them into its platform. Instagram has already begun testing blockchain assets, and Facebook will soon follow suit.