Trademark Applications by Fidelity Investments Expand Crypto Footprint
Most multinational corporations consider investing in the digital currency ecosystem a high-risk endeavor.
Fidelity Investments, a multinational financial services firm based in the United States, has applied to register trademarks for the term “metaverse” in connection with its services. According to the company's trademark applications, the company wants to increase its presence in the Web 3.0 sector by registering three distinctive brands. Non-Fungible Tokens (NFTs) and NFT Marketplaces are mentioned in Fidelity's trademark application as potential components of the company's future cryptocurrency offerings. Fidelity Investments has announced that it will provide services related to investing in virtual real estate, crypto trading, and the metaverse.
Even though Visa and Mastercard are two examples of global financial services companies that have previously filed trademarks in the metaverse, it is exceptionally unusual for investment managers of Fidelity's size to do so. If the trademark application is granted, Fidelity will join the ranks of the most innovative companies in this field. The last year has seen Fidelity Investments' already substantial involvement in the digital currency ecosystem intensify. Fidelity has introduced several new products designed to bridge the gap between the established financial services industry and the emerging cryptocurrency market, including Fidelity Crypto, a division specifically dedicated to managing cryptocurrency investments.
Bitcoin (BTC) investment in 401(k) Retirement Savings Accounts is one such service for the American labor force. In April, the company introduced this service to the market, and since then, businesses have begun signing up for subscriptions. MicroStrategy Incorporated, which is gaining a lot of notoriety due to its BTC investments and is one of its most prominent clients, is one of its biggest backers.
Most multinational corporations consider investing in the digital currency ecosystem a high-risk endeavor. Fidelity and other would-be participants have cited the volatile nature of the cryptocurrency landscape as a significant drawback, in addition to the fact that cryptocurrencies are not fully regulated in the United States. Because of the extreme volatility of the industry, lawmakers in the United States have demanded that Fidelity Investments reevaluate its 401(k) strategy. Fidelity has disregarded this recommendation and is looking into ways to grow its crypto division's staff to provide more comprehensive services.
Fidelity has been a leader in the cryptocurrency industry since it introduced a commission-free trading account in November until it began seeking trademark protection for a new term describing the metaverse. It is widely believed that crypto and the underlying technology will play a significant role in shaping the Web3 economy of the future. Fidelity is making great strides to be at the forefront of this emerging future.
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