$100B Asset Manager WisdomTree Secures License to Launch Crypto App in New York

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$100B Asset Manager WisdomTree Secures License to Launch Crypto App in New York
  • WisdomTree has secured a license to open its crypto app to New York residents.
  • It is a Limited Purpose Trust Charter by the New York State Department of Financial Services.
  • Coinbase and Fidelity are among the nine firms that previously secured the license.

WisdomTree, a prominent firm with over $100 billion under management, has secured regulatory permission to launch its crypto app WisdomTree Prime to residents of New York, United States. Eleanor Terrett, a correspondent at Fox Business News, broke the news to the crypto community a few hours ago on X. 

Per the disclosure, WisdomTree has been granted a Trust Company Charter by the New York State Department of Financial Services (NYDFS). This Charter empowers the firm to conduct fiduciary custody of digital assets, provide wallet services, issue and exchange NYDFS-approved stablecoins, and manage stablecoin reserves. As a result, WisdomTree now possesses the capability to extend its crypto app services to customers in New York. 

Notably, WisdomTree prides its crypto app as a cutting-edge personal finance application that pioneers innovation in financial services. WisdomTree Prime grants access to digital assets like Digital Gold, Bitcoin, Ethereum, and Digital Funds encompassing various bonds and equities. It empowers users to save, invest, and soon, spend digital assets and digital funds.

Earlier, Terrett highlighted that only nine firms had secured the Limited Purpose Trust Charter to offer digital asset services from NYDFS. WisdomTree’s addition to the list brings the number to ten. Others include prominent crypto exchange Coinbase and institutional asset manager Fidelity.
Notably, WisdomTree is among the 11 asset managers approved by the U.S. SEC to list a Bitcoin spot exchange-traded fund (ETF). According to updated records, WisdomTree’s Bitcoin ETF, BTCW, has recorded zero influx for the last four days. It last witnessed an inflow of $3.3 million last week, Tuesday, March 14.

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