The crypto bear market is still in full swing, but the fundamentals paint a different picture.Perhaps the biggest news Russia A lot also happened on the mainland of the United States before Christmas when the chairman of the Congressional Finance Committee said the country was planning to legalize international bitcoin and crypto trading in January. I’m here.
US investment giant Fidelity Investments recently has assets under management totaling $4.5 trillion. submitted Several cryptography-related patent applications with the United States Patent and Trademark Office (USPTO). As the application shows, Fidelity plans to serve clients in an encrypted metaverse.
Fidelity filed three patents on December 21, related to Web3 products and services, including the NFT Marketplace and the Metaverse cryptocurrency trading platform.
Additionally, the patent filing includes investment advice and financial planning recommendation services in the Metaverse. Fidelity aims to provide Metaverse information on virtual real estate investments, crypto trading and exchange services, charitable fundraising services, life insurance and annuities, retirement and stock purchase plans.
Specifically, the application also targets the investment services of Metaverse mutual funds and pension funds. However, as always, patents are very common. So there is no mention of whether the investment giant is targeting an existing metaverse, and if so which one.
It is therefore questionable whether Fidelity is following in the footsteps of other industry giants such as JP Morgan, which opened a virtual lounge in Decentraland in February to promote its own blockchain network, Onyx. of India chose The Sandbox to host their Metaverse Hangouts in July.
Fidelity is cryptographically bullish
Surprisingly, Fidelity bucked the bear market this year and used the time to expand its cryptocurrencies. In addition to its recent patents, Fidelity has been very bullish on the crypto industry throughout the year.
After offering only Bitcoin investment vehicles for a long time, Fidelity Digital Assets ethereum index fund in October. A month ago, Fidelity announced a crypto platform for retail clients that allows customers to buy and sell bitcoin and ether without paying any fees after opening a brokerage account with Fidelity.
While facing regulatory headwinds in the US, Fidelity also began offering options to invest retirement funds in cryptocurrencies in April. about 24,500 401(k) plan Managed by Fidelity Investments, launched its Bitcoin offering this fall. Employers can set lower limits, but employees can invest up to 20% of her 401(k) savings in Bitcoin.
At the time of writing, the price of Bitcoin is at $18,817 and has been trading sideways in a very narrow price band for the past six days.
Featured image from Pensions & Investments, chart from TradingView.com