Cryptocurrency

Fidelity Launches New Crypto and Metaverse ETFs

A step toward bridging the gap between traditional and decentralized finance.

Cryptocurrency

Fidelity Launches New Crypto and Metaverse ETFs

A step toward bridging the gap between traditional and decentralized finance.

Financial service giant Fidelity Investments will soon be offering both crypto and metaverse exchange-traded funds (ETFs), according to a press release Tuesday, April 12, from Business Wire.

These new funds will go by Fidelity Crypto Industry and Payments ETF (FDIG) and Fidelity Metaverse ETF (FMEX) and are a result of increased demand, according to Fidelity’s head of ETF management and strategy Greg Friedman.

We are focused on growing our broad product lineup with innovative strategies that offer choice, value, and new opportunities to investors,” Friedman said. “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.”

The metaverse fund FMEX will focus on investing in companies that develop, manufacture, distribute or sell products related to the metaverse. While the Crypto fund FDIG is set to invest in companies engaged in cryptocurrency, blockchain technology, and digital payment processing.

While these ETFs do not grant direct exposure to cryptocurrency or the metaverse, they add to Fidelity’s digital asset offerings and introduce an access point for a broader investor audience, and could help bridge the gap between traditional and decentralized finance.

Elsewhere in Web3, Animoca Brands acquires Eden Games to develop crypto racing games.

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