Facebook pays $ 60 million to buy Meta name

Two months ago, Facebook surprised by announcing a new name for the group: Meta or Meta Platforms, Inc . It surprised everyone. But still, this change makes a lot of sense, given that the company is heavily relying on virtual reality, augmented reality, and the metaverse.

The problem is that before Mark Zuckerberg, other people had the idea of ​​using the word “Meta” to name a product, service or company. For example, in the United States, there is a company providing financial services called Meta Financial Group. But as a Reuters article reports, Mark Zuckerberg’s company bought the Meta Financial trademarks for 20 millions

Via official documents, the media discovered that Meta Financial Group sold its brands to a Delaware-based company called Beige Key LLC. But in reality, this is a company owned by Facebook or Meta Platforms.

This has been confirmed by a representative. “Beige Key is affiliated with us and we have acquired these branded assets” , he said.

We should also remember that a month ago, after the announcement of the new name by Mark Zuckerberg, a startup called Meta PC also claimed 20 millions of dollars.

Facebook Financial becomes Meta Financial?

For Mark Zuckerberg’s company, financial services, crypto and blockchain are almost as important as the metaverse. Moreover, it already has a branch called Facebook Financial which, after the acquisition, could be renamed Meta Financial.

As a reminder, it is this financial branch of Facebook which is involved in the creation of the digital currency Diem (future competitor of Bitcoin and Ethereum ) and the development of the Novi portfolio.

Since the project faces many obstacles (regulatory concerns and the reluctance of many governments), it’s still unclear when the Diem digital currency will launch. On the other hand, Meta Platforms decided to launch the first tests for its Novi wallet in the USA and Guatemala using a stablecoin called USDP or Pax Dollar.

Recently, this financial branch has crossed a Another important step is launching a integration between Novi and the WhatsApp application in the United States. Thanks to this integration, the messaging application makes it possible to send cryptocurrencies to other users.