Fidelity Investments has unveiled two cryptocurrency-focused exchange-traded funds that will trade on its online brokerage platforms, joining a dozen similar offerings.
The Fidelity Metaverse ETF will focus on companies seeking to develop the internet of the future. Fidelity Crypto Industry and Digital Payments ETF will track blockchain and digital payment processing companies.
Fidelity has launched a new metaverse experience dubbed ‘The Fidelity Stack’ based on Decentraland that aims to teach retail traders the basics of investing.
The investment firm has also launched five sustainable fixed-income mutual funds and ETFs as part of the suite of products, extending its ETFs to over 51 products with more than $33 billion in assets.
Fidelity now faces stiff competition in the space as individual investors and big corporations roll out crypto ETFs. The managing director at WallachBeth Capital, Jennica Ross, believes that the company’s scale will give it some advantage.
The announcement follows a move by the Securities and Exchange Commission to decline the firm’s spot Bitcoin ETF application. The commission is yet to approve any similar pending applications.