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Fidelity debuts two new ETFs based on crypto payments and metaverse

Updated: Aug 23, 2024
Published: Apr 22, 2022
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Fidelity is all set to debut two new ETFs that will tap into two of the major branches of the crypto industry, crypto payments, and the metaverse, as per a report from Bloomberg. The two ETFs named the Metaverse ETF (FMET) and the Crypto Industry and Digital Payments ETF (FDIG), are now actively trading.

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Fidelity ETFs began trading on April 21

As per Bloomberg's report, the metaverse ETF from Fidelity will allow users to track and invest in the Web 3.0 firms that are "building out the future state of the Internet." On the other hand, FDIG will offer direct exposure to cryptocurrencies but would rather allow investors to secure investments in firms that are built to "support the broader digital assets ecosystem." These include crypto mining and trading firms, blockchain firms, and digital payments processing companies as well.

Greg Friedman, Fidelity's Head of ETF Management and Strategy, spoke on the matter, claiming that Fidelity has seen a massive demand from young investors:

"We continue to see demand, particularly from young investors, for access to the rapidly growing industries in the digital ecosystem, and these two thematic ETFs offer investors exposure in a familiar investment vehicle."

A new experience in the metaverse

While there has been a rise in the number of crypto and metaverse-based ETFs recently, Eric Balchunas took to Twitter to reveal the fact that Fidelity aims to tackle the competitors by providing the lowest fees among the four other metaverse-themed ETFs. Moreover, "the quiet baller" First Trust has also launched a metaverse-themed ETF which, according to Balchunas, will "have a billion dollars within a year.

Fidelity has also launched a Decentraland-based Metaverse experience called "The Fidelity Stack," which aims to educate investors on investments. In this context, it is also important to note that Cryptonary reported earlier that the firm had applied for the approval of the ETFs with the SEC in January, and the ETFs are now finally trading. 

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