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Meta May Launch Payments Platform Supporting Crypto

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HIGHLIGHTS :

  • Meta applied for these patents last week
  • The company plans to increase its presence on Web 3
  • Blockchain-Based Web 3 Is Being Touted as the Next Round of the Internet

Meta Platforms, Inc., doing business as Meta and formerly known as Facebook, Inc., and TheFacebook, Inc., is an American multinational technology conglomerate based in Menlo Park, California. The company is the parent organization of Facebook, Instagram, and WhatsApp, among other subsidiaries.

Company applied for these patents last week

Meta, which runs social networking sites Facebook and Instagram, plans to launch a payment platform that supports cryptocurrencies. It has applied for a patent to the US Patent and Trademark Office (USPTO). It has sought a license for an online social networking service for investors. The service will facilitate the trade and exchange of digital currency, virtual currency, cryptocurrencies, blockchain assets, digital tokens and utility tokens.

The company plans to increase its presence in Web 3

It applied for these patents last week. About a month ago, the company submitted eight license applications for projects in the Web3 segment, including the Metaverse. The company may launch new social networking platforms, e-commerce services, telecom services for digital asset holders and an advertising platform linked to the metaverse. Earlier this month, Meta said that it is developing features related to non-fungible tokens (NFTs) for Instagram. This will support NFTs built on the Ethereum, Polygon, Solana and Flow blockchains on Instagram.

The company plans to increase its presence in Web 3. This is part of Meta’s efforts to strengthen its position in the crypto and metawork segments. Blockchain-based Web 3 is being touted as the next era of the Internet. Cryptocurrencies and NFTs may have a major stake in this.

Blockchain-Based Web 3 Is Being Touted as the Next Round of the Internet

Recently, the Dfinity Foundation, which created the Internet computer blockchain, filed a legal case against Meta. The Dfinity Foundation has accused Meta of copying its Infinity logo. Dfinity claims that it has the Infinity logo registered as its symbol. Lawyers for Dfinity filed this case in the District Court of California in the US. There are minor differences between the Meta logo and the ones used by Dfinity in terms of color and structure. Dfinity says that Meta used this logo despite knowing that another firm has already associated its identity with this mathematical symbol. Both these logos have been approved by the USPTO. Dfinity has told that for its services

Dfinity has said that it has been using this logo since March 2017 for its services. It has been said that using this logo on behalf of Meta will create confusion for the users.

The company may launch new social networking platforms, e-commerce services, telecom services for digital asset holders, and an advertising platform linked to the metaverse.

Showcase their blockchain art 

Earlier this month, Instagram said its users will now be able to showcase their blockchain art in 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.

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