By Scott Galbraith
Investment firm Fidelity has submitted trademark applications in the U.S. for various Web3 products and services, including crypto trading services, an NFT marketplace, and financial investment. Mike Kondoudis, a licensed trademark attorney, broke the news on his Twitter handle.
A critical area that Fidelity is focusing on is the metaverse. The investment firm indicates that it could provide various investment services within the digital world, including retirement funds, mutual funds, financial planning, and investment management.
Fidelity’s Plans for the Metaverse
A metaverse-based payment system is in progress. Fidelity will facilitate fund transfers and electronic bill payments in the metaverse. As for crypto, the trademark fillings show that Fidelity could launch trading and offer digital currency wallet services.
In addition, the investment firm highlights its plans to offer educational services in the virtual world by conducting workshops, conferences, and seminars on investments and marketing financial services.
According to the Fidelity filings, the educational services will entail offering business information to financial service providers in the field of business marketing in the digital world. Also, the firm will provide referral services in financial planning and investment advice in the metaverse.
Fidelity also has plans for NFTs. The firm aims to build an online marketplace for the sellers and buyers of digital media. Further information on such is, however, sparse. The investment firm’s filings indicate that it is not worried about the bear market that has also affected NFTs. Instead, Fidelity is looking to increase its exposure in Web3.
Fidelity Rubbishes Lawmaker’s Claims, Calls for Tougher Regulations
Recently, Fidelity called for tighter regulation while responding to a letter from crypto-hating lawmakers Tina Smith, Richard Durbin, and Elizabeth Warren, who wanted the firm to reassess its Bitcoin retirement products because of the volatile nature of the cryptocurrencies.
At that time, the Fidelity spokesperson said that the firm has continued to prioritize customer protection and operational excellence. He claimed that recent events in the crypto space had underscored the significance of safeguards and standards.
In October this year, the investment firm beefed up its crypto division by hiring about 90 new employees. Fidelity took this move when numerous crypto firms resorted to laying off their staff due to harsh market conditions.