WisdomTree Obtains NYDFS Charter for Crypto Services: Establishing WisdomTree Digital Trust Company, LLC and Introducing WisdomTree Prime
WisdomTree, a leading global asset management company, has recently announced that it has received a charter from the New York State Department of Financial Services (NYDFS) to offer crypto-related services, making it the latest addition to an exclusive group of companies approved for digital asset businesses in New York.
Expanding into the Digital Asset Space with Enhanced Regulatory Supervision
This charter enables WisdomTree to operate as a limited-purpose trust company under the New York Banking Law. The regulatory approval will allow the firm to engage in the fiduciary custody of digital assets, offering digital wallet services, and issuing and exchanging approved stablecoins. With this development, WisdomTree Digital Trust Company, LLC is set to be established.
Introducing WisdomTree Prime: Accessible Digital Assets for New York Retail Customers
In conjunction with this news, WisdomTree has also unveiled plans to launch WisdomTree Prime, a personal finance app specifically designed for New York retail customers. The app aims to provide accessible exposure to digital assets, including cryptocurrencies and digital funds, across various major asset classes. WisdomTree Prime is anticipated to offer the issuance of the WisdomTree Gold Token and the WisdomTree Dollar Token, with reserves maintained under an NYDFS-approved framework.
Joining the Ranks of Approved Crypto Companies: Coinbase, Gemini, and Fidelity Digital Assets
WisdomTree now joins the ranks of other prominent companies, such as Coinbase, Gemini, and Fidelity Digital Assets, which have also received trust charters for crypto services from NYDFS. This move signifies WisdomTree’s commitment to expanding into the digital asset space while maintaining a regulatory focus.
Competing in the Digital Asset Market: WisdomTree’s Strategy to Adhere to Regulatory Standards
As a player in the competitive digital asset market, WisdomTree finds itself competing with other asset managers like BlackRock, Fidelity, Grayscale, and Bitwise. The company’s innovative strides in the digital assets domain are reflected through its BTCW spot Bitcoin ETF in the US, which holds $75.6 million in assets under management as of the latest figures. WisdomTree’s approach to integrate digital asset offerings into its portfolio while adhering to stringent regulatory standards underscores the company’s commitment to innovation within a regulated environment.
