Fidelity Investments, one of the largest investment management companies, has filed trademark applications related to non-fungible tokens (NFTs), the metaverse, and cryptocurrencies. Fidelity is joining the growing list of traditional financial institutions showing interest in crypto.
Fidelity files three new trademark applications for Web3 offerings
Fidelity submitted three trademark applications to the US Patent Trademark Office on December 21. The applications reveal that one of the main areas of focus was the metaverse. In the filing, the firm notes that it will offer various investment services within the metaverse, such as retirement funds, mutual funds, financial planning, and investment management.
The firm could also be looking into integrating virtual world payments such as fund transfers, e-bill payments, and using credit cards within the metaverse and other digital worlds.
The other area that the filings have also paid attention to is cryptocurrencies. The filing shows that the company could launch trading and management services within the metaverse. It would also provide crypto wallet services. The filing also mentions processing payments made with digital currencies.
Fidelity has also said it will provide education services within the metaverse. Some of the education services that the company would offer include offering classes and holding workshops within the metaverse. It would also organize seminars and conferences on investments and marketing financial services within the virtual world.
One of the filings notes that the company is also focused on “providing business information to financial service providers by means of an internet website, in the field of business marketing in the metaverse and other virtual worlds; referral services in the field of investment advice and financial planning in the metaverse and other virtual worlds.”
The other area that Fidelity is focusing on is NFTs. The investment management firm wants to have an online marketplace that will be used to trade NFTs. However, the filing describing this service has not provided comprehensive details on how this will be made possible.
Fidelity’s crypto plans
The filing made by Fidelity shows that the investment manager has not been affected by the intense bear market that has rocked the crypto industry this year. The recent collapse of FTX has also deterred some traditional financial institutions from investing in the space, but Fidelity seems committed to its crypto roadmap.
Last month, Fidelity responded to a letter from Senator Elizabeth Warren and other legislatures who urged the investment manager to reconsider the firm’s position on Bitcoin retirement products because of the volatile nature of the sector.
At the time, Fidelity defended its pursuit of Bitcoin, saying that the recent events in the crypto sector only showed that there was a need for standards and safeguards in place.
In October, Fidelity announced it would be expanding its cryptocurrency unit. The investment manager announced that it would hire 100 more staff members for its crypto unit. However, the company’s hiring efforts in the crypto industry differ from the layoffs that crypto firms have done amid this year’s intense bear market.
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