John McCrank

NEW YORK (Reuters), Fidelity Investments is a leading retail brokerage company that opened a virtual building of eight stories in the metaverse. It offers financial education and dance, as part of its efforts to bring more young investors on to their platforms.

Fidelity Stack launched at the exact same time brokerage’s Fidelity metaverse ETF. This gives investors an opportunity to invest on businesses that are involved in the metaverse. The metaverse is a virtual network that users can access via various devices. It allows them to work, play, and socialize in various environments.

Fidelity Stack has been built in Decentraland. This web platform mimics a major metropolitan area and includes offices, commerce districts, and event spaces. However, it’s open to all, and primarily aimed towards 18-35-year-olds. David Dintenfass is chief marketing officer of Fidelity.

In an interview, he stated that “We’re trying make sure we stay current for our next generation.”

Fidelity opened 3.8million new brokerage accounts in 2021 by 18- to 35 year old investors. The company is actively engaging with these customers through Reddit and TikTok.

Fidelity, located in Boston, launched a brokerage account for teenagers last May. It was supervised by parents and approximately 60,000 accounts have been opened to date, Dintenfass stated.

He stated, “Learning through doing – That’s consistent in the metaverse.”

“This is just the next in a long list of things that we are trying to accomplish to get to the next generation.”

The Fidelity stack allows users to explore the interior of the building, including a rooftop sky garden and dance floor. They can also learn about ETF investing and collect “orbs”, the company stated.

Dintenfass did not disclose how much Fidelity had paid to purchase the virtual space within Decentraland.