Meta Platforms, the owner of the social media network Facebook, participated in a $60 million (approximately Rs. 455.1921 crore) transaction to acquire the trademark assets of the U.S. regional bank Meta Financial Group, spokespersons for the two companies said on Monday.

This transaction highlights the value of the Meta name to the tech giant, and the company is betting that its focus on Metaverse-accessing a shared digital space through the Internet through a series of devices-will reap great returns in the coming years. Meta Financial said in a regulatory document on Monday that a Delaware company called Beige Key LLC agreed to acquire global rights to its company name for $60 million in cash.

It did not disclose who the owner of Beige Key is. “Beige Key is associated with us, and we have acquired these trademark assets,” said a Meta Platforms spokesperson. A MetaBank spokesperson also confirmed the involvement of Meta Platforms. In addition to providing consumer savings, loans and credit cards, and commercial loans through its MetaBank subsidiary, Meta Financial also cooperates with government agencies and financial technology companies to provide banking services aimed at promoting financial inclusion. Facebook said in October that its parent company had changed its name to Meta Platforms.

The technology giant, which has invested heavily in virtual reality and augmented reality, regards Metaverse as the successor to the mobile Internet. Last week, Meta Platforms opened its previously invitation-only Horizon Worlds application to more than 18 users in the United States and Canada, where users of its Quest virtual reality headset can play games and interact as avatars.

The metaverse concept that appeared in the earnings conference calls of several Silicon Valley companies requires cooperation between technology giants, and it may take more than ten years to fully realize. A spokesperson for Meta Platforms said the company had discussions with Meta Financial before Facebook changed its name. The content of the record. Meta Financial’s share price fell 1.5% in the afternoon trading, and its market value was approximately US$1.74 billion (approximately Rs 1,320.38 billion)

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