The renowned investment company, Fidelity Investments, intends to foray into the NFT marketplace, metaverse, and other virtual worlds.
New Delhi,UPDATED: Dec 27, 2022 12:31 IST
Fidelity Investments, one of the major financial firms in the world, has recently filed for three US trademark applications to provide crypto trading services in the metaverse, including a nonfungible tokens (NFT) marketplace and financial investment.
Michael Kondoudis, a licensed trademark attorney, revealed the same in a tweet posted on Monday.
Fidelity’s intentions to provide a host of Web3 products and services
Fidelity has indicated that it could offer a wide range of investment services within virtual worlds, including mutual funds (MFs), retirement funds, investment management, and financial planning. Moreover, plans regarding metaverse-based payment services could be in the works, like electronic bill payments, fund transfers, and the “financial administration of credit card accounts in the metaverse and other virtual worlds.”
Also, in terms of crypto, the filings hint at Fidelity offering virtual currency wallet services. In fact, one of the filings read, ‘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.’
Further, it may offer educational services in the metaverse by way of conducting classes, workshops, seminars, and conferences in the field of investments, etc.
Fidelity looking to increase its exposure and offerings in Web3
Despite the ongoing crypto winter, the investment firm is one of the most active financial firms when it comes to engaging with cryptocurrencies and looking for ways to provide access for its clients. In October, this year, Fidelity Digital Assets began allowing institutional clients to trade ether (ETH). Further, last month, the company declared that it would be offering commission-free trading of Bitcoin (BTC) and Ether alongside traditional stock investments on its mobile app.
Further, the financial major has also reportedly beefed up its crypto unit by hiring 100 new staff members, in comparison to several crypto firms which have laid off a significant chunk of their employees.
Published On:
Dec 27, 2022