Fidelity calls for stronger regulation in Web3 space as it expands offerings
Fidelity Investments, a well-regarded investment management company with a global presence, has recently submitted trademark applications to the United States Patent and Trademark Office (USPTO) for various products and services related to Web3. These filings, made on December 21, demonstrate Fidelity’s expanding involvement in the Web3 realm and its dedication to increasing its offerings in this rapidly-evolving field.
Fidelity is placing significant emphasis on the metaverse as a potential platform for offering investment-related services such as mutual funds, retirement funds, financial planning, and investment management. The company is also exploring the possibility of creating metaverse-based payment options, including electronic bill payments, fund transfers, and credit card account management. This interest in the metaverse aligns with the growing recognition of virtual worlds as a transformative force in the financial industry and the demand for secure payment solutions in the Web3 environment, particularly in light of the increasing prevalence of virtual currencies.
Fidelity is exploring the possibility of introducing trading and management services for virtual currencies, which may include offering virtual currency wallet services and electronically storing and processing virtual currency for electronic payments and transactions over the internet. This decision is driven by the increasing popularity of cryptocurrency trading and management services as more investors seek to utilize the advantages of virtual currencies.
Fidelity is considering the addition of educational services such as classes, workshops, seminars, and conferences cantered on investment and financial services marketing. This aligns with Fidelity’s dedication to education and sharing knowledge, and demonstrates their belief in the value of educating investors on the complexities and risks involved in the Web3 realm.
Consequently, Fidelity is considering the creation of an online marketplace for the buying and selling of non-fungible tokens (NFTs). This move is particularly interesting given the growing popularity of NFTs in the art and collectibles market, as well as the increasing recognition of their potential as a tool for digital ownership and verification.
Fidelity’s trademark filings show that the company is dedicated to broadening its Web3 offerings and believes in the long-term potential of the Web3 industry. Despite the bear market and other struggles within the cryptocurrency industry, Fidelity remains determined to explore new possibilities in this rapidly developing field. In fact, the company has reportedly been seeking to hire 100 new employees for its crypto division, a contrast to the many crypto firms that have had to let go of a significant number of workers this year
Fidelity has not been deterred by the bear market in 2022 or the FTX implosion, and is advocating for more stringent regulation in the Web3 sphere. In a letter to senators Elizabeth Warren, Tina Smith, and Richard Durbin, who requested that Fidelity reconsider its Bitcoin retirement offerings due to their “volatility, turmoil, and turmoil,” the company emphasized that it has always placed a priority on operational excellence and customer protection, and that recent events in the crypto industry have only further emphasized the necessity of standards and safeguards
In conclusion, Fidelity Investments’ trademark filings show that the company is committed to expanding its Web3 offerings and is optimistic about the long-term potential of the Web3 space.