Fidelity Investments, which manages assets worth $4.2 trillion, has applied for a trademark in the United States for Web3 products and services, such as a non-fungible token (NFT) marketplace and financial investment and crypto trading services in the Metaverse.
Three trademark applications were sent to the United States Patent and Trademark Office (USPTO) on December 21. The last of these was also mentioned by licensed trademark attorney Mike Kondoudis in a tweet on December 27.
#Fidelity has plans for the metaverse!
— Mike Kondoudis (@KondoudisLaw) December 26, 2022
The company has filed 3 trademark applications coveringNFTs + NFT Marketplaces
Metaverse Investment Services
Virtual Real Estate Investing
Cryptocurrency Trading
… and more!#NFTs #Metaverse #Crypto #Web3 #Defi #Finance pic.twitter.com/op9fg80e7z
One of the company’s main areas of focus seems to be the metaverse. Fidelity says it offers a wide range of investment services in the virtual world, such as mutual funds, retirement funds, investment management, and financial planning, to name a few.
It also looks like metaverse-based payment services, such as electronic bill payments, fund transfers, and financial management of credit card accounts in the metaverse and other virtual worlds, are in the works.
In terms of cryptocurrency, the filing shows that the company may start offering trading and management services in the metaverse, as well as wallet services for virtual currencies.
“Electronic wallet services in the nature of electronic storage and processing of virtual currency for electronic payments and transactions through global computer networks; digital currency, virtual currency, cryptocurrency digital token,” the filing reads.
Fidelity also says that it may offer educational services in the Metaverse by holding classes, workshops, seminars, and conferences on investing and marketing financial services.
“providing business information to financial service providers through an Internet web site 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,” reads a filing.
Fidelity’s most recent filing shows that the strong bear market in 2022 and the recent FTX explosion haven’t scared the company. Instead, Fidelity wants to increase its presence and offerings in Web3.
Senators Elizabeth Warren, Tina Smith, and Richard Durbin, who don’t like cryptocurrencies, sent a letter on November 21 asking for stricter rules. In it, they asked for restrictions on bitcoin (BTC) retirement products. The company basically laid out a framework for this and responded to the letter. Had asked Fidelity to think again about the fact that crypto assets are “volatile, volatile, and chaotic.”
A Fidelity spokesperson told Cointelegraph at the time that the company has “always prioritized operational excellence and customer safety” and noted that “recent events” in the crypto industry have only “underscored the importance of standards and safeguards.” “
Also, it’s worth noting that Fidelity was rumored to be looking to hire 100 new staff members for its crypto unit in October. This is in contrast to many other crypto firms, which have lost a lot of staff this year.
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