3 months ago 2 min read

Two Conventional Financial Services Companies Announce Entry into Metaverse

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Financial services providers Fidelity and HSBC stated that they will join the other significant international organizations that are stepping into the new technology provided by blockchain next year.

The two companies disclosed via separate press releases that they have applied for trademarks, indicating additional ambitions for their metaverse endeavors.

Fidelity

The information that Fidelity Investments has filed three crypto trademark applications covering metaverse technologies and services, non-fungible tokens (NFTs) and NFT marketplaces, virtual land, and cryptocurrency trading was confirmed by Mike Kondoudis, a licensed trademark attorney, on December 27.

The creation of an online marketplace for the selling of NFTs is the second application, he added, whereas the first application solely concentrates on digital media and NFTs. The third one then involves financial planning, investment management, retirement fund investment services, and electronic bill payment in the Metaverse and other virtual worlds.

A financial company called Fidelity offers financial planning, guidance, and learning materials. One of the biggest pension providers in the country, it permitted investors to include Bitcoin in their pension plans in April. Then, in November, its cryptocurrency division, Fidelity Digital Assets, opened up investments in Bitcoin and Ethereum to its retail clients.

In addition to this, Fidelity developed "The Fidelity Stack," an interactive Decentraland product, in April. The Fidelity Metaverse ETF was also introduced that month to give investors access to the metaverse.

HSBC

On the other hand, the United States Patent and Trademark Office (USPTO) received trademark applications from the British multinational universal bank HSBC, one of the major global suppliers of international banking and financial services, for a number of web3-related purposes.

Kondoudis claimed that HSBC had applied for a trademark to exchange and transfer virtual currencies and NFTs, claiming that the trademark application anticipates allowing HSBC to offer products and services related to the metaverse, such as facilitating banking services in the metaverse, providing secure payment transactions via electronic means in the metaverse, and arranging the processing of virtual credit cards, virtual debit cards, virtual prepaid cards, and virtual gift cards.

The bank plans to offer a variety of services for its NFT initiative, including the ability to download verified digital files.

Furthermore, HSBC also submitted trademark applications under the designations IC 041 and IC 042, which is a trademark for offering entertainment services that allow users to socialize in a fun environment and create online communities.

In order to "open up a myriad of opportunities for virtual communities across the world to engage with global financial services providers and sports communities in The Sandbox metaverse," the bank announced its cooperation with decentralized gaming virtual world The Sandbox in March of last year.

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