Facebook owner Meta Platforms is currently in the process of finalising a $60 million deal to acquire Meta naming rights owned by US regional bank Meta Financial Group.

In its filing on Monday, Meta Financial alleged that a Delaware company called Beige Key LLC had agreed to acquire the worldwide rights to its company name for $60 million. “Beige Key is affiliated with us and we have acquired these trademark assets,” a Meta Platform. Meta Financials did not, however, disclose who owned Beige Key. According to the spokesperson for Meta Platforms, Facebook had contacted Meta Financial prior to the final settlement of the Meta name and had an involvement with it.

The decision to continue to have only the Meta name rights shows the concissive efforts of the meta platforms and the strong belief in the name Meta, which will be crucial for unlocking the Metaverse. Meta Platforms hopes that its gamble with the metaverse (shared digital spaces accessed via the Internet via a number of devices will pay off very soon, as it believes that the Metaverse will replace the Internet.