Meta, formerly Facebook, has filed eight new trademark applications in the areas of the metaverse, cryptocurrencies, and decentralized finance (Defi).
Crypto trading, blockchain software, digital asset wallets, and exchanges are among the trademark applications expected to be approved by January 2023.
A trademark for online networking and dating services is included in one of the applications filed by Facebook’s owner with the United States Patent and Trademark Office (USPTO). The document’s authors recommend a subdivision tailored exclusively for persons interested in bitcoin investing.
It mentioned virtual reality and augmented reality advertising as non-crypto currency trademark applications, which better accords with a recent commitment to the “metaverse.”
Meta also registered for trademark registration in Brazil in January, which would allow the company to design, develop, and distribute bitcoin and crypto-related hardware and software.
“The company’s strategy for going into the metaverse is reflected in these filings. Meta has big aspirations for the virtual economy that will propel it forward. In a statement, Mike Kondoudis, a trademark lawyer in Washington, D.C., said, “Meta’s latest trademark registrations will undoubtedly be of interest to participants in the financial sector and beyond.”
Major brands are preparing to enter the cryptocurrency market
Several large corporations registered for blockchain-related patents just last year. The New York Stock Exchange (NYSE) applied last month to create an online marketplace for virtual reality and augmented reality software, nonfungible tokens (NFTs), and online marketplaces.
If the exchange operator follows through on these intentions, it will be able to provide cryptocurrency trading services, allowing for the “financial exchange of virtual money.”
As a result, it’s been evident for months that the social media conglomerate would dabble in cryptocurrency. After Facebook’s doomed cryptocurrency effort ended, it moved its focus to Web3 and the Metaverse.
Facebook Inc. and its partners are currently redesigning Diem to guarantee that it does not compete with national currencies or interfere with monetary policy. The adjustments were reportedly made to persuade wary global regulators and resurrect momentum for the scheme, which never saw the light of day. Silvergate Capital, a crypto-friendly bank, purchased the assets of the Diem Association, which administers the Facebook-backed cryptocurrency experiment, for $182 million, more than two years after it was first announced.