NEW YORK--(BUSINESS WIRE)--WisdomTree, Inc. (NYSE: WT), a global financial innovator, today announced the launch of the WisdomTree Prime™ Visa Debit Card, issued by Stride Bank, NA. The debit card allows users to spend using their available WisdomTree Prime balance wherever Visa® is accepted, connecting personal finance to digital asset investments, and it is available both digitally and physically for users through WisdomTree Prime.
By connecting consumers’ investments in digital assets to payment capabilities, the WisdomTree Prime ecosystem brings tokenization even closer to the center of the consumer’s financial life and enables the consumer to reap the benefits of a blockchain-native platform, including near-instant settlement time for some assets. For example, a consumer with investments in tokenized gold can sell their gold in real time to fund a purchase using the debit card.
Initially, a customer’s available spend balance will be based on their WisdomTree Dollar Token holdings. Over time, WisdomTree anticipates making additional digital assets and digital funds available to use for spending with the debit card.
“The WisdomTree Prime Debit Card is the first real step in being able to take your digital asset holdings and leverage them in day-to-day personal finance,” said Will Peck, Head of Digital Assets at WisdomTree. “We built this app because we see inherent value in connectivity – having all of your assets in one place, where your crypto isn’t locked away and can sit alongside your other investments, like bond or equity exposures. Now, those assets can fund consumers’ daily purchases, giving them more choice in where their assets go, how assets are used, and how they can potentially grow over time.”
Additional products and capabilities are scheduled to become available within the app on a rolling basis.
For more information on the WisdomTree Prime Visa Debit Card available through WisdomTree Prime, please visit wisdomtreeprime.com. WisdomTree Prime is currently available in the Apple App Store and Google Play across 38 states in the U.S.
About WisdomTree
WisdomTree is a global financial innovator, offering a well-diversified suite of exchange-traded products (ETPs), models, solutions and products leveraging blockchain-enabled technology. We empower investors and consumers to shape their future and support financial professionals to better serve their clients and grow their businesses. WisdomTree is leveraging the latest financial infrastructure to create products that provide access, transparency and an enhanced user experience. Building on our heritage of innovation, we are also developing and have launched next-generation digital products, services and structures, including digital or blockchain-enabled mutual funds and tokenized assets, as well as our blockchain-native digital wallet, WisdomTree Prime™.*
*The WisdomTree Prime digital wallet and digital asset services are made available through WisdomTree Digital Movement, Inc. (NMLS ID: 2372500), in select U.S. jurisdictions and may be limited where prohibited by law. Visit www.wisdomtreeprime.com or the WisdomTree Prime mobile app for more information.
WisdomTree currently has approximately $103.3B in assets under management globally.
For more information about WisdomTree and WisdomTree Prime, visit: https://www.wisdomtree.com.
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WisdomTree® is the marketing name for WisdomTree, Inc. and its subsidiaries worldwide.
PRODUCTS AND SERVICES AVAILABLE VIA WISDOMTREE PRIME:
NOT FDIC INSURED | NO BANK GUARANTEE | NOT A BANK DEPOSIT | MAY LOSE VALUE | NOT SIPC PROTECTED | NOT INSURED BY ANY GOVERNMENT AGENCY
The products and services available through the WisdomTree Prime app are not endorsed, indemnified or guaranteed by any regulatory agency.
The WisdomTree Prime Visa Debit Card is issued by Stride Bank, N.A. Member FDIC, pursuant to a license from Visa USA Inc. The debit card allows users to spend fiat currencies converted from digital assets, as supported by a separate custodian unaffiliated with Stride Bank. All digital asset buy, sell, and hold activities will occur within the user’s WisdomTree Prime digital wallet.
The descriptions of products and services herein are for meant for informational purposes only and are not intended to serve as a recommendation to buy, hold or sell any asset or to engage in any investment or trading strategy or to use any service. The information herein should not be relied on and is not a substitute for the skill, judgment and experience of the user when making investment and other business decisions. All information is impersonal and not tailored to the needs of any person, entity or group of persons. None of the information constitutes an offer to sell or a solicitation of an offer to buy, any security or other asset, financial product or other investment vehicle or any trading strategy, or service, and should not be viewed as trading or investment advice.
A blockchain is an open, distributed ledger that digitally records transactions in a verifiable and immutable (i.e., permanent) way using cryptography. A distributed ledger is a database in which data is stored in a decentralized manner. Cryptography is a method of storing and transmitting data in a particular form so that only those for whom it is intended can read and process it. A blockchain stores transaction data in “blocks” that are linked together to form a “chain”, and hence the name blockchain.
Blockchain technology is a relatively new and untested technology, with little regulation. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Potential risks also include vulnerability to theft, or inaccessibility, and future regulatory developments could affect its viability.
References to “save” generally refers to a user’s ability to select one or more highly liquid, relatively low risk cash management solutions and references to “spend” generally refers to a user’s ability to designate one or more digital asset(s) and/or other assets to be sold, or to sell one or more digital asset(s) with near instant settlement, to fund a debit card purchase. Spending, paying bills and making purchases require actions to be taken in the discretion of the user which require user actions outside of the domain or functionality of the app and which rely on third parties, including third parties for which the user will need to have a separate relationship. Certain products (including Digital Funds) and services are made available through third parties, including affiliates of WisdomTree Digital Movement, Inc. in the case of Digital Funds.
Digital assets (e.g., bitcoin and ether) are considered to be highly speculative, involve a high degree of risk and have the potential for loss of the entire investment. Digital assets are subject to a number of risks, including price volatility. Transactions in digital assets may be irreversible, and accordingly, losses due to fraudulent or accidental transactions may not be recoverable. Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange and value of virtual currency.
References to “cash” generally refer to the WisdomTree Dollar Token, which is a digital token recorded on the blockchain representing the right to receive one (1) U.S. dollar. The WisdomTree Dollar Token is not legal tender and is not backed by government.
References to “tokenized gold” refer to the WisdomTree Gold Token, a digital token recorded on the blockchain representing electronic document of title to physical gold. The price of gold does fluctuate and may be affected by numerous factors including supply and demand, the global financial markets and other political, financial, or economic events, which may negatively impact gold prices and the value of a WisdomTree Gold Token.
Category: Business Update
