NEW YORK--(BUSINESS WIRE)--WisdomTree, Inc. (NYSE: WT), a global financial innovator, today announced that it has been granted a charter from the New York State Department of Financial Services (DFS) to operate as a limited purpose trust company under the New York Banking Law. The trust company charter provides the most distinguished authorization in the digital assets landscape to serve customers under enhanced regulatory supervision and marks the ability to launch WisdomTree Prime in New York.
The trust company charter authorizes WisdomTree to perform fiduciary custody of digital assets, including digital wallet services, to issue and exchange DFS-approved stablecoins and manage stablecoin reserves under the newly formed entity, WisdomTree Digital Trust Company, LLC. WisdomTree joins only a few other digital asset trust companies with this charter, demonstrating its position at the helm of the industry’s shift to blockchain-enabled financial services.
“The New York State Department of Financial Services is the premier regulator for businesses that engage in digital asset activity. This well-established trust company charter program – which long predates digital assets – is based on bank-grade regulation, allowing us to offer products that capitalize on innovation without sacrificing customer protection,” said Jonathan Steinberg, WisdomTree Founder and CEO. “This approval not only allows us to participate in New York’s rapidly growing digital asset marketplace today, but equips WisdomTree to lead in the industry evolution of tomorrow.”
Initially, WisdomTree Digital Trust Company will provide products to customers as part of the WisdomTree Prime ecosystem. Specifically, WisdomTree Digital Trust Company will issue the WisdomTree Gold Token and the WisdomTree Dollar Token available in WisdomTree Prime and maintain reserves for those assets under a DFS-approved framework. This charter will also allow WisdomTree to offer New York retail customers access to WisdomTree Prime, set to be available in the coming weeks.
“Held to the highest compliance standards in the industry, a New York limited purpose trust company provides the leading platform to offer regulated tokenized products and services to WisdomTree’s retail and institutional customers,” said Will Peck, Head of Digital Assets at WisdomTree and CEO of WisdomTree Digital Trust Company, LLC. “We have a robust initial product offering and a strong plan to grow in a responsible manner with this charter in New York and through our other licenses across the nation.”
WisdomTree Prime offers one integrated ecosystem to save, spend, and invest – bringing the consumer’s financial life on-chain. With its trust charter and fiduciary powers, the trust company can offer enhanced protections to its customers, including with respect to its safekeeping of assets. Additionally, WisdomTree plans to use the WisdomTree Digital Trust Company to offer products and services to institutions and business customers in the future.
WisdomTree Prime is available in the Apple App Store and Google Play. Please visit https://www.wisdomtreeprime.com/ for the latest information on availability.
For more information about the WisdomTree Digital Funds, please visit www.wisdomtree.com/investments/digital-funds.
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. Foreside Fund Services, LLC, (FFS) is not affiliated with WisdomTree, Inc. and its subsidiaries. FFS does not provide digital wallet or digital asset services.
WisdomTree currently has approximately $106.2 billion 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.
Category: Business Update
