Fidelity is working on an NFT marketplace and virtual banking services


Newly-filed trademark applications describe a comprehensive list of potential metaverse routes for the company.

Fidelity Investments has filed trademark applications in the United States for a multitude of Web3 products and services, such as a nonfungible token (NFT) marketplace and financial investing and crypto trading services in the metaverse.

According to three trademark applications filed with the United States Patent and Trademark Office (USPTO) on December 21, this is the case. Licensed trademark attorney Mike Kondoudis tweeted about this on December 27.

Fidelity has indicated that it might provide mutual funds, retirement funds, investment management, and financial planning inside virtual worlds, making the metaverse one of the company’s primary areas of interest.

It seems that metaverse-based payment services, such as electronic bill payments, money transfers, and the “financial management of credit card accounts in the metaverse and other virtual worlds,” are also in the works.

According to the documents, the company may introduce trading and administration services in the metaverse as well as wallet services for virtual currencies.

In addition, Fidelity indicates that it might provide educational services in the metaverse by “offering courses, workshops, seminars, and conferences in the area of investing and marketing financial services.”

Referral services in the fields of investment advising and financial planning in the metaverse and other virtual worlds, according to one file.

Fidelity’s ambitions also include non-fungible tokens, with the investment management noting that it might develop an “online marketplace for purchasers and sellers of digital material, i.e., non-fungible tokens,” but with little information.

Fidelity’s most recent filings demonstrate that the company is not frightened by the severe bear market in 2022 and the recent collapse of FTX, and is instead seeking to extend its exposure and products in Web3.

In response to a letter from crypto-hating senators Elizabeth Warren, Tina Smith, and Richard Durbin dated November 21, in which they urged Fidelity to rethink its Bitcoin retirement plans owing to the “volatile, turbulent, and chaotic” character of crypto assets, the company basically indicated as such and advocated for tighter regulation.

At the time, a Fidelity spokeswoman told Cointelegraph that the business “has always emphasised operational excellence and consumer security” and that “recent occurrences” in the cryptocurrency market have only “highlighted the significance of standards and protections.”

It is also worth mentioning that in October, Fidelity apparently planned to hire 100 additional staff members for its crypto section, in sharp contrast to a number of crypto companies that had laid off a substantial number of workers this year.

Also Read: Cardano Founder Charles Hoskinson Reveals Roadmap for NFTs and Expresses Surprise at Space’s Massive Growth

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