NEW YORK: Meta Platforms Inc, the owner of social media network Facebook, is behind a $60 million deal to acquire the trademark assets of U.S. regional bank Meta Financial Group, spokespeople for the companies said on Monday.

The deal underscores how valuable the Meta name has become for the technology giant, which is betting that its focus on the metaverse - shared digital spaces accessed via the internet through an array of devices - will pay off handsomely in the coming years.

Meta Financial had said in regulatory filing on Monday that a Delaware company called Beige Key LLC agreed to acquire the worldwide rights to its company names for $60 million in cash. It did not disclose who the owner of Beige Key was.

“Beige Key is affiliated with us and we have acquired these trademark assets,” a Meta Platforms spokesperson said. A MetaBank spokesperson also confirmed Meta Platforms’ involvement.

As well as offering products through its MetaBank subsidiary including consumer savings, loans and credit cards, and commercial lending, Meta Financial partners with institutions including government agencies and financial technology firms to offer banking services with the aim of bolstering financial inclusion.

Facebook said in October its parent company had changed its name to Meta Platforms. The tech giant, which has invested heavily in virtual reality and augmented reality, sees the metaverse as the successor to the mobile internet.