Investment goliaths, who hold $4.2 trillion in assets have filed trademark applications in the united states to enter metaverse and cryptocurrency industries including various Web3 products and services.
On December 21, three trademark filings were submitted to the united states patent trademark office, which was announced later by the licensed trademark attorney Mike Kondoudis in a tweet on December 27.
One of the key areas the Fidelity group focuses on is Metaverse, as the scope for the future is entirely based on the metaverse. It is believed that fidelity might offer a wide range of services, these include mutual funds, real estate, retirement investment services, securities for brokerage services other financial services as well the firm has plans to launch educational services in marketing. All these services are planned to launch in the metaverse only.
The Firm Also Intends To Start An NFT Market
As for the cryptos, the trillion-dollar industry is inquisitive in delivering crypto wallet services such as secure placement, management of assets, and cryptocurrency trading. The firm is also planning to launch an NFT marketplace for buyers and sellers of digital media such as Non-fungible tokens featuring textual and graphic content.
Furthermore, the company has plans to offer digital currency, virtual currency cryptocurrency digital tokens, and electronic transfer of virtual currencies. Adding to this the company also encourages crypto trading services by providing digital currency cryptocurrency, digital and blockchain assets, digitized assets, virtual currency, digital tokens, crypto tokens, and utility tokens.
The fidelity application was launched amid the decline of the crypto market, where most cryptocurrencies were drained of 90% of their value since the start of the year. Many believed its a sign of loyalty towards the crypto industry, despite the collapse of the Second-largest crypto exchange FTX.
In early November, the company started offering early access to its platform, Fidelity Crypto. This app will allow customers to invest in both stocks and crypto in one stop. One can trade crypto giants bitcoin and Ethereum without any commission fees.
According to the filing, the firm plans to provide business information to financial service providers with the help of an internet website, and it will cover the field of business marketing in the metaverse and other upcoming virtual worlds.
However, the announcement of bitcoin retirement plans by fidelity has widely been criticized by senators Elizabeth warren, tina smith, and Richard Durbin asking the company to reconsider the decision due to the volatile and chaotic nature of the crypto assets.
In response to that, a spokesperson in fidelity addressed to the Cointelegraph that the company highly prioritized operational excellence and customer protection, especially due to the recent events in the crypto industry that led to prioritizing the importance of regulations and safeguards.
Back in October, reports suggested that fidelity was grumbling up its crypto unit by hiring additional 100 new staff members, while the major crypto exchange has been laying off its workforce by an unprecedented percentage.
The reports suggest that the fidelity group doesn’t seem to be affected by the bearish trend in the crypto market this year following the collapse of Terra Luna’s classic stable coin and FTX’s.
Some experts believe that the firm is trying to attract loyal customers by providing genuine services to show its loyalty to heartbroken customers. As well the absence of FTXs will create a huge space for Fidelity to blend into the crypto market.
However, to this date, it is not clear the specific details of the services they are going to offer as well it is unknown when the trillion-dollar company will start offering the services. No mentions of particular dates were mentioned in the trademark applications.
Harry Aston is a technology writer with a Master’s in Computer Science from MIT. He has over 5 years experience simplifying complex tech topics like AI. His writing makes emerging technologies accessible for mainstream readers. Harry aims to educate people on AI’s potential to improve society.