Financial Giant Fidelity Files Trademarks for Crypto, NFT, and Metaverse Products

December 31, 2022 Bitcoin.com

Fidelity plans NFT marketplace and financial services in the metaverse

December 27, 2022 Coin Telegraph

Newly filed trademark applications outline a long list of possible avenues for the firm in the metaverse.

Investment giant Fidelity Investments has filed trademark applications in the United States for a host of Web3 products and services, including a nonfungible token (NFT) marketplace and financial investment and crypto trading services in the metaverse.

This is according to three trademark filings submitted to the United States Patent Trademark Office (USPTO) on Dec. 21, which was highlighted by licensed trademark attorney Mike Kondoudis in a Dec. 27 tweet.

#Fidelity has plans for the metaverse!

The company has filed 3 trademark applications covering
▶️ NFTs + NFT Marketplaces
▶️ Metaverse Investment Services
▶️ Virtual Real Estate Investing
▶️ Cryptocurrency Trading
... and more!#NFTs #Metaverse #Crypto #Web3 #Defi #Finance pic.twitter.com/op9fg80e7z
— Mike Kondoudis (@KondoudisLaw) December 26, 2022

One of the key areas of the firm’s focus appears to be the metaverse, with Fidelity indicating that it could offer a wide range of investment services within virtual worlds including mutual funds, retirement funds, investment management and financial planning.

It also appears that metaverse-based payment services could be in the works, including electronic bill payments, fund transfers and the “financial administration of credit card accounts in the metaverse and other virtual worlds.”

In terms of crypto, the filings indicate that the firm could launch trading and management services in the metaverse, along with providing virtual currency wallet services.

“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,” the filing reads.

*Fidelity Investments Trademark filing: USPTO*

Additionally, Fidelity outlines that it could offer 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.”

“Providing business information to financial service providers by means of an internet web site, in the field of business marketing in the metaverse and other virtual worlds; referral services in the field of investment advice and financial planning in the metaverse and other virtual worlds” one filing reads.

NFTs are also in Fidelity's plans, with the investment manager stating that it could launch an “online marketplace for buyers and sellers of digital media, namely, non-fungible tokens,” however further details on such are sparse.

The latest filings from Fidelity show that the firm has not been spooked by the intense bear market in 2022 and recent FTX implosion, and is instead looking to increase its exposure and offerings in Web3.

The firm essentially outlined as such and called for stronger regulation when responding to a Nov. 21 letter from crypto-hating senators Elizabeth Warren, Tina Smith and Richard Durbin, which had called on Fidelity to reconsider its Bitcoin (BTC) retirement products due to the “volatile, tumultuous and chaotic” nature of crypto assets.

A Fidelity spokesperson told Cointelegraph at the time that the company "has always prioritized operational excellence and customer protection" and noted that "recent events" in the crypto industry have only "underscored the importance of standards and safeguards."

It is also worth noting that back in October, Fidelity was reportedly looking to beef up its crypto unit by hiring 100 new staff members, a stark contrast to a number of crypto firms that have laid off a significant amount of employees this year.

US senators urge Fidelity to reconsider its Bitcoin offerings after FTX blow-up

November 22, 2022 Coin Telegraph

401(k) Retirement Account

The crypto-skeptic senators suggested the FTX collapse made it “abundantly clear” that the digital asset industry has "serious problems."

United States senators Elizabeth Warren, Tina Smith, and Richard Durbin have renewed their calls for Fidelity Investments to reconsider offering a Bitcoin (BTC)-linked 401(k) retirement product.

In a letter addressed to Fidelity Investments CEO Abigail Johnson on Nov. 21, the three senators said the recent fall of FTX is more reason than any for the $4.5 trillion asset management firm to reconsider its Bitcoin offering to retirement savers, stating:

“The recent implosion of FTX, a cryptocurrency exchange, has made it abundantly clear the digital asset industry has serious problems.”

The senators also added that “charismatic wunderkinds, opportunistic fraudsters, and self-proclaimed investment advisors” have played a huge role in manipulating the price of Bitcoin (BTC), which in turn has impacted 401(k) retirement savings holders who have invested in Fidelity’s Bitcoin product:

“Since July, when we last raised concerns with you about the deeply concerning prospect of exposing workplace retirement plans to Bitcoin, its value has plummeted."

“While the full extent of the damage caused by FTX continues to unfold, the contagion is being felt across the broader digital asset market. Bitcoin is no exception,” the senators commented.

The senators' letter to the Fidelity CEO was the second in recent months, with the first letter on Jul. 26 demanding an explanation of why Fidelity decided to expose its customers to a Bitcoin 401(k) product to begin with.

“Since our previous letter, the digital asset industry has only grown more volatile, tumultuous, and chaotic—all features of an asset class no plan sponsor or person saving for retirement should want to go anywhere near,” the senators wrote.

The implosion of FTX has made it clear that the digital asset industry has serious problems. I joined @SenWarren & @SenTinaSmith to urge Fidelity to do what is best & reconsider its decision to expose retirement accounts & employer-sponsored plans to these volatile assets. pic.twitter.com/qQn4PF80AP
— Senator Dick Durbin (@SenatorDurbin) November 21, 2022

Durbin, Smith and Warren also noted that some 32 million Americans and 22,000 U.S. employers use Fidelity as a workplace retirement account and employer-sponsored plan.

The senators added that with a retirement security crisis already playing out in the country, Fidelity shouldn’t be exposing its customer’s retirement savings to an “unnecessary risk.”

“In light of these risks and continuous warning signs, we again strongly urge Fidelity Investments to do what is best for plan sponsors and plan participants—seriously reconsider its decision to allow plan sponsors to offer Bitcoin exposure to plan participants.”

Cointelegraph reached out to Fidelity for their comment on the letter but did not receive an immediate response.

Meanwhile, not all U.S. lawmakers appear to have sided with the three crypto-skeptic senators in the past.

In May. 2022, Republican Senator Tommy Tuberville introduced the Financial Freedom Act into the U.S. Congress, which serves to allow U.S. residents to add cryptocurrency to their 401(k) retirement savings plan without being subject to regulatory influence.

Fidelity has continued to increase its investment in the digital asset space, with plans to expand its digital asset division by 25% with 100 new employees by the end of Q1 2023.

Fidelity to beef up crypto unit by another 25% with 100 new hires

October 24, 2022 Coin Telegraph

Blockfi

The Digital Assets division within Fidelity Investments will have around 500 total staff members by the first quarter of 2023, according to a spokesperson.

$4.5 trillion asset management firm Fidelity Investments is reportedly set to hire another 100 people to bolster the firm's growing digital assets division — a stark contrast to the recent squeezing out of crypto-talent.

A Fidelity representative told Bloomberg on Oct. 22 that the firm has begun a new round of hiring which will bring the Fidelity Digital Asset’s headcount to around 500 by the end of the first quarter of 2023.

A search on Fidelity’s job board currently shows 74 live results for digital asset-related positions, which cover areas relating to blockchain technology, business analysis, customer service, finance and accounting, product development, and corporate services including compliance.

Almost all of the current listings are based in the United States — with the majority coming from its Boston headquarters, New York, Texas Colorado and Utah.

The spokesperson told Bloomberg that the new roles would be situated throughout the U.S., U.K. and Ireland.

Fidelity’s hiring spree comes as BlockFi, Coinbase, Gemini and Crypto.com were among some of the largest crypto-native firms to lay off a spree of employees, having cut 20%, 18%, and 10% respectively.

The large layoffs appear to have opened a fresh supply of crypto talent for traditional firms like Fidelity to take on board.

The digital asset team expansion should be of little surprise given how gung-ho Fidelity has been to offer more comprehensive digital asset-related services amid growing investor interest.

A Fidelity spokesperson recently confirmed to Cointelegraph that they will be offering ETH custody and trading services to its institutional clients from Oct. 28, 2022.

In September, industry participants hinted the firm may soon “shift” into offering Bitcoin trading services to its 34 million retail customers.

The firm did not confirm the speculation at the time, only noting that “expanding our offerings to enable broader access to digital assets remains an area of focus.”

The firm has already launched a service that enables its 401(k) retirement saving account holders to invest directly into Bitcoin (BTC).

Cointelegraph reached out to Fidelity in regard to the firm's expansion plans but did not receive an immediate response.

Fidelity’s Crypto Platform Prepares to Start Offering Ethereum Trading Next Week

October 22, 2022 Bitcoin.com

$4.5T asset manager Fidelity offers ETH custody and trading to clients

October 20, 2022 Coin Telegraph

Coin Telegraph

According to an email reportedly sent to clients, Fidelity Digital Assets is offering institutional Ethereum capabilities for their clients starting next week.

Fidelity Digital Assets, the crypto wing of $4.5 trillion asset manager Fidelity Investments, is set to offer Ether (ETH) custody and trading services to its institutional clients later this month.

According to an email to Fidelity’s customers shared on Twitter, the crypto arm announced new “Institutional Ethereum capabilities” for institutional investors starting on Oct. 28, 2022.

Fidelity Digital Assets just sent an email to customers announcing that Ethereum will be available for purchase this month. pic.twitter.com/3V0GCrOt5z
— Bruce Fenton (@brucefenton) October 19, 2022

The post states that investors will be able to buy, sell and transfer ETH, “using the same model provided for bitcoin investments today.”

“With the Ethereum Merge completed, many investors are looking at Ethereum through a new lens,” said Fidelity, likely referring to Ethereum’s shift to the environmentally-friendly proof-of-stake (PoS) model.

Fidelity has been a long supporter of cryptocurrencies such as Bitcoin (BTC), outlining in a past paper their belief that it’s a superior form of money rather than just tech.

This latest announcement comes in the wake of a new Ethereum Index Fund, which has raised over $5 million since the first sale on Sept. 26 through a sole investor, according to an Oct. 4 filing.

In April, Fidelity announced plans to allow 401(k) retirement saving account holders to directly invest in Bitcoin.

While last year, the company announced that 90% of its biggest clients were interested in accessing Bitcoin and other cryptocurrencies.

On Sept. 13, Galaxy Digital CEO Mike Novogratz said that Fidelity was reportedly working toward offering Bitcoin to its 34.4 million retail investor base.

Cointelegraph reached out to Fidelity regarding the new service but has not received an immediate response at the time of publication.

Financial Heavyweights Citadel, Charles Schwab, Fidelity Confirm Cryptocurrency Exchange Launch

September 13, 2022 Bitcoin.com

Fidelity will ‘shift’ retail customers into crypto soon, says Galaxy CEO

September 13, 2022 Coin Telegraph

401k

While Fidelity hasn’t yet confirmed rumors it will launch retail Bitcoin trading, the firm said enabling broader access to digital assets remained a key area of focus.

$4.2 trillion asset management firm Fidelity Investments is reportedly working towards offering Bitcoin trading services to its 34.4 million retail investor base, according to Galaxy Digital CEO Mike Novogratz and people familiar with the matter.

While Fidelity hasn’t officially confirmed plans to incorporate crypto onto its retail platform, Novogratz told a conference audience in New York on Sept. 12, that the move may be just around the corner:

“A bird told me that Fidelity, a little bird in my ear, is going to shift their retail customers into crypto soon enough.”

“I hope that bird is right. So we are still this institutional march and that gives crypto its floor,” he added.

Novogratz isn’t the only person to have signaled the potential move from Fidelity. The Wall Street Journal (WSJ) on Sept. 12 noted that that Fidelity is currently “weighing a plan” to allow individual investors to trade Bitcoin on its brokerage platform.

A similar note was shared by Eight Global Founder and CEO Michaël van de Poppe last week, suggesting that the platform will launch Bitcoin trading for retail customers in November.

Fidelity in a Sept. 12 statement addressed the rumors, noting:

"While we have nothing new to announce, expanding our offerings to enable broader access to digital assets remains an area of focus."

Fidelity Investment has been an active investor and playmaker in the crypto space, fueled by a growing demand from clients to access crypto investment opportunities.

Fidelity started mining Bitcoin in 2015 and launched a Bitcoin-trading business for hedge funds and institutional investors in 2018.

In April, Fidelity also began allowing its 401(k) retirement savings account holders to invest directly into Bitcoin (BTC), though this was later met with pushback from three U.S. senators including Senator Elizabeth Warren, who called the launch of the Bitcoin product to be “immensely troubling.”

Fidelity is a multinational finance corporation that provides brokerage services, mutual funds management, investment advice, and retirement services and is the fourth largest asset management firm in the world, according to ADV ratings.

Fidelity Analyst: Bitcoin Is Cheap — Ethereum Could Be Near Bottom

July 10, 2022 Bitcoin.com

‘Cheaper than it looks’: Fidelity exec says BTC undervalued and oversold

June 16, 2022 Coin Telegraph

Anthony Pompliano

Anthony Pompliano made similar remarks on Monday, noting that Bitcoin’s “value and price are diverging” and that “weak hands are selling to strong hands.”

Jurrien Timmer, Fidelity’s director of global macro, has argued that Bitcoin (BTC) may be “cheaper than it looks”, highlighting evidence on Tuesday that the cryptocurrency may be both undervalued and oversold.

Addressing his 126,000 Twitter followers, Timmer explained that while Bitcoin has fallen back to 2020 levels, its price-to-network ratio has reeled all the way back to 2013 and 2017 levels, which he said may indicate it is undervalued.

Is BTC cheaper than it looks? If we consider a simple “P/E” metric for BTC to be the price/network ratio, then that ratio is back to 2017 and 2013 levels, even though BTC itself is only back to late 2020 levels. Valuation often is more important than price. /THREAD pic.twitter.com/6XMPrtRUzF
— Jurrien Timmer (@TimmerFidelity) June 15, 2022

Bitcoin undervalued

The price-to-network ratio is a crypto-riff on a popular metric used by traditional stock market investors called the price-to-earnings (P/E) ratio, which is used to determine whether a stock is over or undervalued.

A high ratio could suggest an asset is overvalued, whilst a low ratio could signal an undervalued asset.

Timmer highlighted a chart of Bitcoin’s demand curve overlaid with Bitcoin’s non-zero addresses against its marketcap, noting that the “price is now sitting below the network curve.”

Technically oversold

The macro analyst also shared a graph making use of Glassnode’s dormancy flow indicator, which he said suggests “how technically oversold Bitcoin is.”

Entity-adjusted Dormancy Flow is a popular metric for judging Bitcoin value by comparing the price to spending behavior.

According to Glassnode, a low dormancy flow value can suggest increased long-term holder conviction — meaning long-term Bitcoin HODLers are buying up from queasy short-term sellers.

“Glassnode’s dormancy flow indicator is now to levels not seen since 2011.”

Morgan Creek Digital co-founder and Youtuber Anthony Pompliano gave a similar view to Fox Business Monday, explaining that Bitcoin’s “value and price are diverging” and that “weak hands are selling to strong hands.”

“What we’re watching right now is the transfer from weak, short-term oriented people with weak hands into the long-term oriented strong hands.”

Bitcoin’s Fear and Greed Index fell to 7, indicating “Extreme Fear” on Wednesday, falling to its lowest levels since Q3 2019. In the past, low index numbers have often suggested a buying opportunity.

Fidelity Investments and its analyst Timmer have been bullish on Bitcoin. The investment giant has been working on launching a Bitcoin retirement investment plan, which would allow 401(k) retirement saving account holders to invest in Bitcoin directly. Timmer has been predicting that Bitcoin may soon see a revival.

I joined Fox Business to discuss bitcoin and the macro environment.

Value and price are diverging. Weak hands are selling to strong hands. We have been here before.

Thanks @LizClaman for having me. pic.twitter.com/1S6TckUguE
— Pomp (@APompliano) June 13, 2022

Fidelity Investments

Bitcoin undervalued

Technically oversold

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