WisdomTree announced today the attainment of a trust company charter from the New York State Department of Financial Services (DFS). This achievement permits WisdomTree to operate as a limited-purpose trust company under the New York Banking Law.
WisdomTree can now provide specific financial services within the boundaries set by the law. This designation typically restricts the company’s activities to certain types of financial transactions or services, such as fiduciary custody of assets or issuing and exchanging approved stablecoins, while subjecting it to regulatory oversight by the New York State Department of Financial Services (DFS). Additionally, WisdomTree can manage stablecoin reserves through its newly established entity, WisdomTree Digital Trust Company, LLC.
Another result of the approval is that WisdomTree Digital Trust Company will introduce two new tokens: the WisdomTree Gold Token and the WisdomTree Dollar Token, within the WisdomTree Prime ecosystem. These tokens, supported by reserves approved by the DFS, will be available to both individual and institutional customers.
WisdomTree Prime is a personal finance app developed by WisdomTree, a leading financial innovator known for its exchange-traded funds (ETFs) and exchange-traded products (ETPs). This app offers users a user-friendly and curated experience, providing access to digital assets like Gold tokens, cryptocurrencies, and digital funds across various asset classes
WisdomTree, Inc. is a global financial innovator headquartered in New York, specializing in exchange-traded funds (ETFs) and exchange-traded products (ETPs). Founded in 1985, WisdomTree launched its first ETFs in June 2006 and has since become a major ETF provider in the United States, managing approximately $99.5 billion in assets globally as of January 2024.
The company offers a diverse range of ETFs spanning various asset classes and countries, including U.S. and international equity, currency, fixed income, and alternatives. In 2014, WisdomTree acquired a majority stake in London-based Boost ETP and has been expanding into digital assets, including cryptocurrency ETPs and blockchain-based initiatives.
Jonathan Steinberg, Founder and CEO of WisdomTree, shared his excitement, saying that the approval is a testament to the company’s adherence “to innovation and keeping customers safe.” He added that the permission allows WisdomTree “to join New York’s growing digital asset market and lead in the future of blockchain finance.”
Will Peck, Head of Digital Assets at WisdomTree and CEO of WisdomTree Digital Trust Company, LLC, also praised the company for meeting “the highest compliance standards, ensuring a reliable platform for regulated tokenized products and services.” He added that this also means a call to responsible expansion, both locally and nationally.
