Key Points:
This is supported by three trademark applications filed with the USPTO on December 21. Licensed trademark lawyer Mike Kondoudis also noted these applications in a tweet on December 27.
Fidelity has indicated that it may provide a wide range of investing services within virtual worlds, including mutual funds, retirement funds, investment management, and financial planning, to mention a few. This appears to be one of the firm’s primary areas of interest.
The “financial administration of credit card accounts in the metaverse and other virtual worlds,” as well as electronic bill payments, fund transfers, and other payment services, seem to be in the works for the metaverse.
According to the documents, the company might also offer Metaverse trading and management services in addition to virtual currency wallet services.
“Electronic wallet services in the nature of electronic storage and processing of virtual currency for electronic payments and transactions via a global computer network; digital currency, virtual currency, cryptocurrency digital token,” the filing reads.
Additionally, Fidelity outlines that it could offer educational services in the Metaverse in the form of “conducting classes, workshops, seminars and conferences in the field of investments and in the field of marketing financial services.”
“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,” one filing reads.
NFTs are also on Fidelity’s agenda; however, further information is limited. The company may also develop an “online marketplace for buyers and sellers of digital media, namely, non-fungible tokens.”
The most recent filings from Fidelity demonstrate that the company is seeking to expand its exposure and offerings in Web3 rather than being alarmed by the severe bear market in 2022 and the recent FTX catastrophe.
When responding to a letter from crypto-hating senators Elizabeth Warren, Tina Smith, and Richard Durbin on November 21 asking Fidelity to reconsider its Bitcoin retirement products due to the “volatile, tumultuous, and chaotic” nature of crypto assets, the company essentially outlined as such and called for stronger regulation.
The company may also develop an “online marketplace for buyers and sellers of digital media, namely, non-fungible tokens.”
The company “has always prioritized operational excellence and customer protection,” a Fidelity representative said at the time, adding that “recent developments” in the cryptocurrency market have only “underscored the need for standards and safeguards.”
It’s also important to remember that Fidelity reportedly planned to add 100 new personnel to its cryptocurrency division in October, which contrasts with the other crypto companies that have significantly reduced their workforce this year.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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