The fundamentals offer a different image than the crypto bear market, which is in full force. The chairman of the Congressional Finance Committee said that Russia intends to allow international bitcoin and cryptocurrency trading in January, which was perhaps the greatest news before Christmas. However, a great deal is also occurring on American territory.
Fidelity Investments, which controls a total of $4.5 trillion in assets, has recently submitted several patent applications linked to cryptocurrencies with the United States Patent and Trademark Office (USPTO). According to the applications, Fidelity intends to service its customers in a crypto-powered metaverse.
Fidelity submitted three patent applications on December 21 pertaining to Web3 offerings and services, including a marketplace for non-fungible tokens and a platform for crypto trading in the metaverse.
In addition, the patent applications contain a metaverse-based recommendation service for investment guidance and financial planning. Fidelity intends to offer metaverse-based information on virtual real estate investment, as well as crypto trading and exchange services, charity fundraising services, life insurance and annuities, and retirement and stock purchase plans.
Notably, the apps also target mutual fund and pension fund investing services in the metaverse. As usual, the patents are quite broad. Therefore, there is no indication of whether or whether the investing giant is targeting existing metaverses, or if so, which ones.
It is thus debatable if Fidelity is following the lead of other industry titans like JP Morgan, which created a virtual lounge in Decentraland in February to promote its proprietary blockchain network Onyx. In contrast, the Union Bank of India hosted a Metaverse hangout at The Sandbox in July.
This year, Fidelity resisted the bad market by expanding its cryptocurrency holdings. In addition to its latest patents, Fidelity has been quite optimistic about the cryptocurrency business during the whole year.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.