Meta Platforms, the owner of the social network Facebook, is behind the $60 million deal (approximately Rs 455,1921) to acquire the brand assets of US regional bank Meta Financial Group, a spokesperson for the company. the company said on Monday.
This agreement emphasizes the value of Meta The tech giant’s name is betting that its focus on the metaverse – a shared digital space accessed via the internet through a range of devices – will be a huge hit in the coming years. Meta Financial said in a regulatory filing on Monday that a Delaware company called Beige Key LLC has agreed to purchase worldwide rights to its corporate name for $60 million in cash. .
It does not reveal who the owner of the Beige Key is. “Beige Key is affiliated with us and we have acquired these trademark assets,” said a spokesperson for Meta Platforms.
A MetaBank spokesperson also confirmed the participation of Meta Platforms. In addition to offering products through its MetaBank subsidiary including consumer savings, loans and credit cards, and commercial lending, Meta Financial partners with organizations including government agencies and financial institutions. financial technology companies to provide banking services with the aim of increasing financial inclusion. Facebook said in October its parent company changed its name to Meta Platforms.
The tech giant, which has invested heavily in virtual and augmented reality, sees the metaverse as the successor to the mobile Internet. Last week, Meta Platforms opened up the previously invite-only Horizon Worlds app, where users of its Quest virtual reality headset can play games and interact as avatars for more than 18 users in United States and Canada.
The concept of the metaverse, which has already appeared on earnings calls by several Silicon Valley companies and will require collaboration between tech giants, could be more than a decade away. full. A spokesperson for Meta Platforms said the company was engaged in discussions with Meta Financial before Facebook’s name change was announced.
In the application, Meta Financial said it had begun reviewing its brand strategy earlier this year, but a spokesperson for MetaBank declined to comment on negotiations beyond what is in the filing. Shares of Meta Financial were trading 1.5% lower in mid-afternoon trading, giving them a market capitalization of around $1.74 billion (about Rs. 13203.80 crore).
Meta Platform is up 1.6%, valuing it at $933 billion (about rs 7.08.06.09).
© Thomson Reuters 2021
