- HSBC and Fidelity have filed trademark applications for metaverse and virtual currency services.
- These applications may not include cryptocurrency-related services.
- Earlier, financial services giants Visa, Mastercard, and PayPal filed applications for crypto services.
Banking and investment giants HSBC and Fidelity have filed trademark applications, respectively, for metaverse and virtual currency services. HSBC’s announcement came last week, while Fidelity revealed its move just yesterday, December 27.
To be clear, the virtual currency services mentioned in the announcements of the said banking and investment firms function differently from crypto exchanges. In detail, these firms are planning to offer virtual services — within the Metaverse — for traditional finance.
It is not clear whether these firms will be opening themselves up for cryptocurrency, especially since the US is notorious for its crackdown on crypto. Some in the crypto industry are not even considering the move as good news, since these won’t be directly benefiting cryptocurrencies, at least for the time being.
Earlier, other financial giants Visa, Mastercard, PayPal, and JPMorgan have filed applications that may be related to cryptocurrency.
Meanwhile, Coinbase admitted that it has been a “challenging year” for its company, given current market conditions. The crypto exchange, which is publicly traded and is under US regulation, has seen its stock become one of the biggest losers this year.
Specifically, COIN, which was trading at $250 by the end of 2021, is now trading at $32.65, at the time of writing.
However, Coinbase has not yet lost the confidence of institutional investors. For instance, Cathy Wood’s Ark Invest purchased COIN stocks worth $11.9 million earlier this month.
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