Fidelity and HSBC File Trademarks for Metaverse Related Services 

Fidelity and HSBC File Trademarks for Metaverse Related Services

American investment giant Fidelity and British multinational bank HSBC have filed trademark applications at the United States Patent and Trademark Office (USPTO) for a wide range of crypto and NFT related products in the metaverse.

Asset management firm Fidelity Investments and British megabank HSBC have filed trademark applications at the United States Patent and Trademark Office (USPTO) for a host of products and services ranging from non-fungible token (NFT) marketplace to crypto trading in the metaverse. 

Licensed trademark attorney Mike Kondoudis highlighted the three fillings made by investment giant Fidelity, to the USPTO on December 21. The applications include an NFT marketplace, virtual real estate investment services, and cryptocurrency trading. The world’s fourth largest asset manager’s key area of focus appears to be the metaverse, where it is planning to offer a wide range of services including mutual funds, retirement funds, investment management and financial planning. Also mentioned in the filing is a metaverse-based payment service that is currently in the works. According to the contents of the document, the payments protocol could facilitate electronic bill payments, fund transfers and the “financial administration of credit card accounts in the metaverse and other virtual worlds”.

In addition, the company has also considered offering educational services in the metaverse, in the form of “conducting classes, workshops, seminars and conferences in the field of investments and in the field of marketing financial services.”

On the crypto side, Fidelity’s filings indicate that it could be launching a cryptocurrency wallet, and trading and management services in the metaverse. “Electronic wallet services in the nature of electronic storage and processing of virtual currency for electronic payments and transactions via a global computer network; digital currency, virtual currency, cryptocurrency digital token,” read the filing. 

Fidelity and HSBC File Trademarks for Metaverse Related Services

The investment giant with over $9 trillion worth of assets currently under management, also has plans to release NFT products. However, details regarding the project are sparse. Fidelity only mentions that it could be launching an “online marketplace for buyers and sellers of digital media, namely, non-fungible tokens.”

On December 15, British multinational bank HSBC filed two crypto-related trademark applications for its name and logo at the USPTO. The filings indicate the bank’s plan to launch a number of products and services for the metaverse, including those involved with exchange and transfer of cryptocurrencies. 

HSBC’s filings pointed out products and services that “facilitate secure payment transactions by electronic means in the metaverse, providing banking services in the metaverse, and providing processing of virtual credit card, virtual debit card, virtual prepaid card, and virtual payment card transactions in the metaverse.” The trademark filing also mentioned NFT-related products, such as “downloadable digital files authenticated by non-fungible tokens (NFTs)”. 

Many major corporations and financial institutions are preparing to enter the cryptocurrency and metaverse industry. In October, payment services giants Visa and PayPal, and financial services company Western Union, filed crypto-related trademarks at the United States Patent and Trademark Office. Last month, Wall Street megabank J.P Morgan was granted a patent for the development of a crypto wallet and payment service. 

While HSBC joined the metaverse by partnering with Ethereum-based virtual reality gaming platform The Sandbox, Fidelity has increased its workforce in the crypto unit. This is in stark contrast to crypto companies that are busy laying off their employees or facing liquidity crisis due to bear market conditions. 

Also Read Hacker Inserts Malicious Code into BitKeep Wallet App to Steal $8 Million Worth of Crypto

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