Facebook’s parent company, Meta reportedly acquired the trademark assets of a U.S regional bank, Meta Financial Group, in a $60 million deal.
The company, formerly known as Facebook transitioned to Meta in October this year, effectively putting its social media brands WhatsApp, Facebook, and Instagram, under the umbrella name.
The company’s CEO Mark Zuckerberg revealed that the Meta Brand reflects the company’s vision focusing on the Metaverse. This is an alternative digital world comprising shared digital spaces accessed through numerous devices.
Meta has invested a lot in virtual reality and augmented reality as it seeks to develop a successor to the mobile phone.
A company called Beige Key LLC that is associated with Meta reportedly acquired the rights for the name from Meta Financial Group.
“Beige Key is affiliated with us and we have acquired these trademark assets,” a Meta Platforms spokesperson confirmed.
According to Meta’s spokesperson, both companies discussed the matter prior to the name change. Meta Financial said it started reviewing its brand strategy at the beginning of the year.