Fidelity enters the metaverse with 3 trademark applications

Fidelity continues its foray into the world of digital assets by filing three industry-specific trademark applications.

Its applications include NFTs, metaverse investing and virtual real estate investing, among other services. United States Patent and Trademark Office (USPTO) attorney Mike Kondoudis highlighted in a tweet that the company applied on December 21.

Fidelity hints at new digital space offerings

The application includes the provision of an online marketplace for buyers and sellers irreplaceable Token (NFT). In addition, Fidelity provides sought-after mutual fund, retirement fund, and other investment management services in the Metaverse and other virtual worlds. All this while facilitating the transfer of electronic cash equivalents including crypto.

Notably, the applications come amid a weak crypto market. Since the collapse of FTX, the global cryptocurrency market cap has shrunk and stands at approximately $847 billion at press time.

While the market has cumulatively erased most of the value created since its peak last year, it is also true Bitcoin, At press time, the top cryptocurrency remains below the $17,000 level and is down more than 75% from its all-time high of $69,000.

An expansion journey despite a weak market

However, Fidelity appears to be using the sluggish market as a expansion opportunity, Especially when the total value of its assets under management has also taken a hit in the bear market. But, it remains a large asset management firm Everywhere $9.6 trillion in custody.

Since the crypto crash intensified in May this year, Fidelity Investments hasn’t put the brakes on its growth plans. While it has doubled its workforce in the second half of 2022, the business has also revealed Bloomberg in October It will hire 100 employees for its digital assets division.

fidelity retirement crypto bitcoin

loyalty also unveiled Ethereum Index Fund in October to enable investing in Ethereum. This year, it also forayed into 401(k) plans, allowing participants to put some of their retirement funds into bitcoin.

Meanwhile, apart from Fidelity, HSBC also filed a trademark application on 15 December. may be the banking giant lay Groundwork to incorporate NFT and Metaverse offerings. On the same day, ITV Studios filed an application for The Voice Metaverse to include Metaverse Entertainment Services. Earlier in October, the production and distribution company said in a release that it has Given Virtual Brand Group (VBG) exclusive metaverse rights to the most popular talent show, The Voice.

disclaimer

BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.


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