Token

Bitcoin ETF

Gold

WisdomTree, the global asset management company, has received a charter from the New York State Department of Financial Services <a href="https://www.dfs.ny.gov/virtual_currency_businesses" target="_blank" rel="noopener noreferrer nofollow">(NYDFS</a>) to provide crypto-related services, according to a recent statement.
This charter enables WisdomTree to operate as a limited-purpose trust company under New York Banking Law, subject to enhanced regulatory supervision. The authorization allows WisdomTree to engage in the fiduciary custody of digital assets, including offering digital wallet services, and to issue and exchange approved stablecoins. This development will lead to the establishment of WisdomTree Digital Trust Company, LLC.
With the NYDFS’s approval, WisdomTree is poised to introduce WisdomTree Prime, a personal finance app targeting New York retail customers. The app aims to offer accessible exposure to digital assets, including cryptocurrencies and digital funds, across various major asset classes. WisdomTree Prime is expected to feature the issuance of the WisdomTree Gold Token and the WisdomTree Dollar Token, with reserves for these assets maintained under an NYDFS-approved framework.
WisdomTree’s achievement positions it alongside a select group of companies, such as Coinbase, Gemini, and Fidelity Digital Assets, that have received trust charters for crypto services from NYDFS. This move underscores WisdomTree’s commitment to expanding into the digital asset space within a regulated environment.
The company, which is also the issuer of the BTCW spot Bitcoin ETF in the U.S., finds itself in a competitive market. Despite its innovative strides in the digital assets domain, WisdomTree’s spot Bitcoin ETF competes with products from other asset managers like BlackRock, Fidelity, Grayscale, and Bitwise, holding $75.6 million in assets under management as of the latest figures. This development reflects WisdomTree’s strategy to integrate digital asset offerings into its portfolio, adhering to stringent regulatory standards.

WisdomTree granted NY charter to offer crypto custody and stablecoin services

Cryptopolitan_News

Other articles published on Mar 22, 2024

BREAKING: Do Kwon to be Released after Conversion of Sentence to House Arrest

Why Is BakeryToken (BAKE) Token Price Up?

Energy Emerges as Most Crowded Sector in the US

Dogwifhat Price Forecast: Will WIF Crypto Hit $5 Mark?

Senior Crypto Trader Suggests BTC May Repeat 2018 Pattern as Meme Coins Dip

Top 5 Meme Coins to Watch for Potential 3000% Growth

Join our free newsletter for daily crypto updates!