Fidelity and HSBC are the latest financial firms to seek trademarks in the Metaverse
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(Kitco News) - Fidelity is showing no hesitation when engaging with blockchain technology and cryptocurrencies as the multi-trillion dollar asset manager recently filed for three U.S. trademark applications to provide services in the metaverse and other virtual worlds.
Licensed trademark attorney Michael Kondoudis highlighted the trademark applications by Fidelity in a tweet posted on Monday, showing that the financial services corporation is looking to get involved with NFTs and NFT marketplaces, metaverse investment services, virtual real estate investing, and cryptocurrency trading.
A closer look at the graphic that Kondoudis included with his tweet shows that the trademark applications were filed on Dec. 21, and also mentions plans to create mutual fund investment services in the metaverse, retirement fund investment services in the metaverse, financial planning in the metaverse and cryptocurrency payment processing, among other services.
Fidelity trademark application information. Source: Michael Kondoudis
Fidelity has been one of the most active financial firms when it comes to engaging with cryptocurrencies and looking for ways to provide access for its clients. In October, the company launched an Ethereum Index Fund to give clients exposure to Ether (ETH). In November, it announced it would be offering commission-free trading of Bitcoin (BTC) and Ether alongside traditional stock investments on its mobile app.
This latest move shows that the firm is looking to get ahead of the game regarding services in the Metaverse as it has established the rights to its name and the services it will provide once the Metaverse is built out with a larger community of active participants.
HSBC goes Meta
Fidelity isn’t the only financial institution to recently lay its claim to naming rights in the Metaverse as HSBC has filed trademark applications for its name and logo.
HSBC trademark application information. Source: Michael Kondoudis
The applications, which were filed on Dec. 15, also include a variety of plans for services such as digital media backed by NFTs, virtual currency exchange and transfer, and virtual credit card processing.
HSBC is also looking to provide financial advisory services in the metaverse and create virtual environments that users can use to interact for recreational, leisure or entertainment purposes.
The fillings from HSBC and Fidelity follow moves by several larger financial institutions to establish a presence in the metaverse early on.
In October, Visa International Service Association filed to trademark its well-known VISA logo so it could be used to view, access, store, monitor, manage, trade, send, receive, transmit, and exchange digital currency, virtual currency, cryptocurrency, digital and blockchain assets, and non-fungible tokens (NFTs).
And then in November, the United States Patent and Trademark Office (USPTO) approved JPMorgan's application for the “J.P. MORGAN WALLET,” which is designed to transfer and exchange virtual currencies, offer crypto payment processing, virtual checking accounts and financial services in general.