December 27, 2022

HSBC, Fidelity Plan to Offer Financial Services in Metaverse, NFTs



HSBC, one of the world’s largest banking and financial services institutions, filed trademark applications for its name and logo related to the metaverse and NFTs products and services.

The filing was submitted to the United States Patent and Trademark Office (USPTO), Mike Kondoudis, a USPTO-licensed trademark attorney, said in a tweet. Kondoudis tweeted that the applications indicate plans for digital media backed by NFTs, virtual currency exchange and transfer, and virtual credit card processing.

According to the applications, HSBC eyes developing virtual goods like bank cards, debit cards, cash cards, cheque cards, and more authenticated by NFT to be used in the virtual space, according to Coin Telegraph.

They also included the bank’s intention to provide several metaverse-based services, such as facilitating secure payment transactions by electronic means in the metaverse, providing banking services in the metaverse, and providing processing of virtual credit cards, virtual debit cards, virtual prepaid cards, and virtual payment card transactions in the metaverse.

Earlier, the banking giant entered the metaverse in cooperation with the blockchain virtual gaming platform The Sandbox in March. This contradicts remarks made by CEO Noel Quinn in September, who said entering the crypto world is not included in the bank’s future after expressing his worries about the valuations of the cryptocurrencies.

Moreover, financial services corporation Fidelity Investments filed trademark applications to USPTO to use its name and logo in offering Web3-related services and products, according to Kondoudis. The Boston-based firm eyes offering a galaxy of investment services in the virtual world, including mutual funds, retirement funds, investment management, and financial planning.

It looks forward to launching metaverse-based payment services such as electronic bill payments and fund transfers, in addition to launching an online marketplace for buyers and sellers of digital media, aka NFT marketplace.

It is worth mentioning that Fidelity announced in October it seeks to hire 100 employees in its crypto unit, a move that shows its keenness to expand in the Web 3 world.

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