Meta (previously Facebook), the largest social media platform in the world, applied for a Brazil trademark to design, develop and provide hardware and software for various Bitcoin (BTC), and related services.

In an effort to be more in line with Metaverse developments, Meta was recently rebranded by Facebook despite regulatory hurdles that it faced during previous attempts to enter crypto.

Meta has filed a trademark registration with the Brazilian National Institute of Industrial Property for crypto products, services, and trading related to wallets and exchanges. This will allow Meta to speed up this effort.

Recent collapse of Meta's cryptocurrency Venture

The Wall Street Journal recently reported that Meta Platforms Inc's digital currency venture Diem Association was closing down. It will be sold to California-based Silvergate Capital Corp, for approximately $200 million.

Meta first announced Diem (originally known as Libra) in June 2019. It was part of an effort to expand beyond social networking into ecommerce and worldwide payments. Officials around the globe were hostile to the idea, concerned it would weaken governmental control over the financial system, encourage criminality, and compromise user privacy.

Facebook changed the name of its digital token "Diem" to comply with regulatory approval. It also reduced its global focus to the United States and announced the creation a US Dollar stablecoin. These are cryptocurrencies that can be tied to a traditional currency.

Meta Platforms took a variety of steps to appease global regulators. These included a rebranding and refocus in 2020 and a deal in 2021 that made Silvergate Bank the sole issuer and value holder of Diem currency. It also tied its value to US dollars.

Recent reports have revealed that Meta decided to end the Diem project. This would have meant the sale of the business to Diem to pay back investors and to compensate engineers who worked on it. According to reports, Diem was in discussions with investment bankers regarding selling intellectual property and creating jobs for engineers who worked on the project for a while.

Although its goal was to create a DLT-based stablecoin it decided to concentrate its efforts on creating its metaverse which would include crypto-related services.

Meta now files a Trademark Application for Crypto-related Services before the Brazilian Authorities

Meta has filed for a trademark in Brazil, allowing the world's largest social networking platform to represent itself as a creator, producer, and distributor of bitcoin and cryptocurrency-related hardware and software.

The application was submitted to Brazil's National Institute of Industrial Property on October 5, 2021 and is currently awaiting approval. Meta provided the registration application earlier in this week. Based on the information that has been made available, it appears that the trademark application covers crypto trading, wallets and exchanges.

Since rebranding under Meta, Facebook has focused its attention on Web3 and Metaverse. This is in an attempt to overcome any obstacles it faced in its quest to create a ubiquitous stablecoin.

Meta is ready to explore NFTs

Meta plans to let users produce and sell non-fungible tokens in a bid to capitalize on the digital collectible fever. Many people are aware that Instagram and Facebook are developing a feature that allows users to show their NFTs on social media. They also have a prototype that can be used to help users create or mint collectible tokens.

The efforts are still in their early stages, and may change in the future. The negotiations are Meta's first attempt at cashing in on the hype-fueled NFTs market, which has exploded in popularity to reach a global market of $40 billion. Critics view the industry as a freewheeling bubble that is rife in fraud and market manipulation.

This decision follows Mark Zuckerberg, Meta CEO, announcing last year that NFTs could one day be used in support of a digital commodity market in the company’s planned metaverse. The business plans to invest $10 million annually in the next ten years.

After recent privacy scandals, the corporation has seen its popularity on core social networking sites like Facebook and Instagram drop, which poses a threat to its $85billion-a-year ad based business model.

What are other tech giants up to?

Microsoft

Microsoft is moving steadily in the direction cryptocurrency. Microsoft was granted a patent in America for software that would allow users to build blockchain applications. It claims it will make production of crypto tokens faster for distributed ledgers.

Because there is no standardization among blockchains, token generation and management can be time-consuming and complicated. Microsoft's patent software allows users to create and manage tokens across multiple networks using a ledger-agnostic method. Wirex, a fintech company based in London, used Microsoft Azure to build its bitcoin payment infrastructure. Wirex has 10 interfaces to Microsoft Azure with cryptocurrency exchanges and brokers.

Tesla

TeslaElon Musk is the most prominent personality in crypto. His influence is so great that one tweet from the multibillionaire has caused wild price swings within the crypto market. On January 14th, 22, he tweeted about Dogecoin. This led to a 35% increase in the price.

Rumours that Amazon wanted to hire a blockchain and digital currency expert fuel speculation that the ecommerce giant will venture into crypto. Amazon currently has more than 70 blockchain jobs, which indicates that they are working on a blockchain business to sell Amazon Web Services (AWS).

Amazon Coins, which cost $4.75 per 500 coins, are available now from the tech giant. According to the website, these coins can be used for in-app purchases on Amazon to purchase a wide range of items.

Google

Google's decision to remove its blanket ban on crypto ads for its ad networks in June 2021 was a major news story. This move was welcomed by the blockchain community. Google Pay also supports the Coinbase card which can be used as a digital wallet to store and spend cryptocurrency.

Coinbase converts cryptocurrency to fiat currency for its users, allowing them the ability to make purchases just like they would with a credit or debit card. Google Cloud division announced recently that a dedicated team was formed to support digital assets.

Many of the world's most prominent tech companies have already laid the foundations and could be entering the Blockchain market by 2022 due to the growing popularity of cryptocurrency. Amazon, Google and other big brands are being closely monitored as they could introduce signature cryptocurrency to the market.

To make the most of the long-term growth potential of the cryptocurrency market, it is important to educate yourself and learn about the technology.

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By: Prateek Arora
Title: Meta lands in Brazil to register trademarks for its Bitcoin and cryptocurrency services
Sourced From: insidebitcoins.com/news/meta-travels-to-brazil
Published Date: Mon, 31 Jan 2022 14:21:32 +0000