Fidelity Resists Cryptocurrency Bear Market and Launches in Metaverse

Fidelity Investments, an American platform, continues its journey in the crypto market despite the decline of the latter. Thus, it has filed several patent applications to provide various products and services related to Web3.

Asset management giant Fidelity made its way into the Metaverse and NFTs. It has filed three trademark applications to offer financial services in these areas. Fidelity wants to create an NFT marketplace and create educational programs within these virtual worlds.

Mike Kondoudis, attorney forUS Patent and Trademark Office (USPTO), claimed that these applications were filed on December 21. He announced this on his Twitter account.

Fidelity sets out to conquer virtual worlds

On December 21, Fidelity filed three patent applications with the USPTO providing for financial services in the metaverse. Analysis of the documents filed by the fund management platform reveals that Fidelity intends to offer more services. Among these are:

  • investment service in real estate
  • pension funds
  • Mutual funds
  • Investment management and financial planning

To really settle in metaverseFidelity would also like to offer:

  • A digital wallet dedicated to cryptocurrencies
  • bill payments
  • Transfer of funds
  • Credit card account management

The archives also reveal that the platform wants offer education in the metaverse. Specifically, Fidelity aims to organize courses, seminars, conferences and workshops on investments and the marketing of financial services.

Still in these patent applications we can find that Fidelity is strongly interested in non-fungible tokens (NFT). Thus, we could see the arrival of a marketplace dedicated to NFTs where buyers and sellers can easily exchange. Little information has been given on this last point, but in a few days we will know more.

A strong merger of Fidelity in cryptocurrencies

The fund management company Fidelity was among the first platforms of Wall Street to be interested in cryptocurrencies. It is actually a pioneer company in this field and since 2020 it has enabled its institutional clients to make investments in bitcoin.

So she added bitcoin in its investment options, which now allows US investors to invest their savings account in cryptos, up to 20%.

Similarly in addition to hiring a team dedicated to the Internetwhich consists of almost 400 people, it wanted to increase this team by 100 employees last October.

The decline in the crypto market appears to be benefiting Fidelity

It is clear that the expansion of Fidelity’s services has come against the backdrop of a declining crypto market. We are therefore entitled to ask whether the fund manager wants to take advantage of the market’s downward trend to increase its benefits. Remember, this is one of the largest fund management companies on Wall Street. She has, under her care, almost $9.6 trillion.

Since May, the cryptocurrency market is in perpetual decline. As a result, many companies have lost value, which is the case with Fidelity, which has taken a hit in this context.

However, that has not stopped his plans for growth in investing in digital assets. In addition to doubling its workforce, it thus disclosedEthereum Index Fund. The latter was supposed to promote investments in the Ethereum blockchain.

Launching the race for investments in the metaverse

Besides Fidelity, other platforms want to start investing in the metaverse. This is the case banking giant HSBC who have filed a patent application. This request was made on December 15th and is intended to facilitate HSBC’s entry into the metaverse and NFTs.

Likewise, ITV studios has also applied for a patent on Voice Metaverse. This should offer investment services in the metaverse. In a press release issued in early October, ITV said it had relinquished exclusive metaverse rights to The Voice to Virtual Brand Group.

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