Investing in the digital currency ecosystem has been considered a major gamble by most multinationals.
American multinational financial services giant, Fidelity Investments has filed trademark applications to offer services in the alternate reality that will include the metaverse. As reported by The Block citing the company’s trademark filings, the firm hopes to expand its footprint in the Web 3.0 world with three major trademark applications. The trademark filing by Fidelity mentions the creation of Non-Fungible Tokens (NFTs) as well as NFT Marketplaces as part of its intended crypto offerings. In addition, Fidelity Investments said it also plans to offer virtual real estate investments, crypto trading, and metaverse investment services.
While it is not uncommon for global financial service firms to file trademarks in the metaverse as Visa Inc (NYSE: V) and Mastercard Inc (NYSE: MA) have done in the past, it is completely unusual for investment managers, the size of Fidelity to make such a move. The trademark filing, if approved will push Fidelity at the top of the chart among firms pushing the new frontier in this regard.
Fidelity Investments’ push into the digital currency ecosystem dates back a few years ago and its involvement became even more definitive over the past year. Besides creating Fidelity Crypto which is tasked with the purpose of managing investments in the new niche, the company has been rolling out a number of innovative products to bridge the gap between the traditional financial services sector and the nascent industry.
One such service is the allowance of Bitcoin (BTC) investments in 401(k) Retirement Savings Accounts for the American workforce. The company floated this service in April and companies have started subscribing to it. One of its forefront clients is MicroStrategy Incorporated (NASDAQ: MSTR), a company growing huge acclaim for its investments in BTC.
Fidelity Defying All Odds to Expand Its Crypto Footprint
Investing in the digital currency ecosystem has been considered a major gamble by most multinationals. Besides the fact that cryptocurrencies are not completely regulated in the United States which makes the offering of any crypto product, a hassle for Fidelity and other prospective players, the terrain’s volatility has also been cited as a major disadvantage.
Lawmakers in the United States have charged Fidelity Investments to rethink its approach to its 401(k) considering the extreme volatility of the industry. Fidelity has not just shunned this advice, it is exploring avenues to expand the workforce in its crypto arm so as to deepen its service offerings across the board.
From its launch of a commission-free crypto trading account this past November to the new metaverse trademark it is seeking, Fidelity is setting the pace among its peers as a crypto powerhouse.
Per the general projection, crypto and the technology powering it will shape the future of the digital economy through the evolution of Web 3.0. Fidelity is pushing its limits to be amongst the pioneers of this future that is evidently coming to life.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
