Meta, formerly Facebook, is the world’s biggest social media platform. However, they’re out to show that there’s much more to Meta than social media. The recent rebranding was done to better align the brand and establish itself in the crypto space. To accelerate its efforts in entering and being a major influence in the Metaverse, the brand is seeking trademark registration for crypto products and services with the Brazilian National Institute of Industrial Property (INPI).
Meta’s move to trademark crypto will allow the brand to further expand into the crypto world. The application, made earlier this year, is currently awaiting opposition prior to approval by the INPI in Brazil.
Bridging the gap between bitcoin and other cryptos
Meta’s move comes after years of development of its new hardware which is set to be a game-changer. Meta is working to create a Metacoin platform that enables digital currency exchange and supports digital asset transactions. This is what we commonly refer to as a blockchain. Some of the most popular platforms include Bitcoin and Ethereum.
Meta is seeking trademark registration with Brazilian authorities to develop, design and provide hardware and software for various crypto related services. They are also seeking trademark registration for the design, development and implementation of software that will support third-party verification services for transactions in the crypt space involving Bitcoin.
Brazil – A cryptocurrency hub
Meta’s move to seek registration with Brazilian authorities makes a lot of sense. Brazil is emerging as a hub for cryptocurrency as authorities recently started making moves to recognise bitcoin a legal tender in Brazil. This came after China banned bitcoin. Brazilian legislators are working on a bill, ‘Brazilian Bitcoin Law’, that could become a role model for other countries that would like to follow suit. The legislation is designed to protect the country’s citizens from Ponzi schemes within the crypto sector.
Brazilians in particular have been a target of Ponzi schemes in the crypto space, significantly slowing down the adoption of digital currencies in the country. However, legislators hope that the introduction of the law will not only protect the citizens but also increase adoption of digital currencies and make Brazil a cryptocurrency haven for crypto investors. Brazil will be one of the first countries in the world to create regulations for trading in cryptocurrencies and recognise Bitcoin as a legal tender.
Meta continues to make strides to establish itself in the crypto and blockchain. Despite facing various regulatory hurdles, the social media giant continues to push forward with even more determination. What does the future hold for Meta and the crypto world if the social media giant can hold on to its current momentum? We are all waiting to find out.