According to the Wall Street Journal, Meta began to look for a buyer for the sale of Diem's naming rights.
In the project, which was introduced under the name Libra in 2019, the roadmap was that the digital currency would be indexed to the US dollar. It was also expected that this new currency could be used on Facebook. However, after that, things did not go as expected. In particular, US regulators began to put pressure on this project. Meta CEO Mark Zuckerberg had to testify before the Senate regarding Diem.
Chief among Diem's regulatory concerns was the idea that cryptocurrencies would undermine control over the global financial system, create a conducive environment for crime, and damage user privacy.
At the beginning, it was announced that many big names would participate in the project. Although the meeting of Visa, Mastercard and PayPal, which are among these giants, attracted the attention of the public at first, he announced that he was withdrawing from the Diem project as concerns about these tripartite regulations increased.
Bitcoin Name from Facebook
Company Meta (formerly Facebook) requested to register in Brazil and quoted Bitcoin in the process, the company plans to launch a digital wallet.
You can see the application made by the company above. In the image below, there are important Bitcoin details. Meta quotes Bitcoin in a registration application in Brazil
At the end of December 2021, Meta Platforms company applied for trademark registration with the National Institute of Industrial Property. The claim under consideration is now public, with a 90-day period for manifestations against its registration in Brazil.
However, what really stands out in the demand is how interested the company is in incorporating cryptocurrencies. According to a transactional query by Livecoins, one of the highlights of the ranking is that the program will support “distributed cryptocurrency wallet platform software for use in processing financial transactions.”
In addition, Meta's (formerly Facebook) record cites Bitcoin, stating that it already has a project to verify transactions with the digital currency. The application is not limited to just using Bitcoin and makes it clear that other options are available.
"Design, development and implementation of software for third-party verification services for digital currency transactions, including (but not limited to) transactions involving Bitcoin currency."
Accordingly, the company may be implying more than one product, from cryptocurrency payment services to an exchange. We will see what exactly Meta has planned in the coming days. If a significant study is carried out directly on cryptocurrencies, this may cause the BTC price to rise rapidly.