Facebook's parent company Meta acquired Meta Financial’s trademark assets, including its exclusive naming rights, for $60 million. It is seen as part of Meta Platforms’ strategy as it transitions into a metaverse platform. 

The deal underscores how valuable the Meta name has become for the technology company. It is estimated that Meta Platforms’ venture to focus on developing metaverse will pay off generously in the coming years.

As reported by Reuters, according to Meta Financial regulatory filing, last Monday (13 December), a company called Beige Key LLC agreed to acquire the worldwide rights to its company names for the said amount in cash. 

It was later revealed that Beige is a part of Meta Platforms. “Beige Key is affiliated with us and we have acquired these trademark assets,” a Meta Platforms spokesperson said. A Meta Financial spokesperson also confirmed this news. 

The Meta Platforms spokesperson also said that negotiations with Meta Financial were already taking place before the rebranding was announced. 

The subsidiary of Meta Financial Group, MetaBank, will be given one year to remove the word Meta from its name and change all brandings that involve the name Meta.