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<p class="is-style-lead">WisdomTree has received a license from the NYDFS, allowing it to offer cryptocurrency-related products and services.</p>
<p class="is-style-default">Under New York State banking laws, asset manager <a href="https://crypto.news/tag/WisdomTree/" target="_blank" rel="noopener noreferrer nofollow">WisdomTree</a> has received approval from the NYDFS to operate as a limited liability trust company.With the permission, a WisdomTree Digital Trust Company subsidiary can offer local clients services for storing cryptocurrencies, issuing stablecoins, and managing the latter’s reserves.</p>
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   <p lang="en" dir="ltr">🚨BREAKING: <a href="https://twitter.com/WisdomTreeFunds?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@WisdomTreeFunds</a> has been granted a trust company charter by <a href="https://twitter.com/NYDFS?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@NYDFS</a>, giving it the ability to launch its <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#crypto</a> app <a href="https://twitter.com/WisdomTreePrime?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@WisdomTreePrime</a> in New York. <a href="https://t.co/hlIoQ9vNjs" target="_blank" rel="noopener noreferrer nofollow">https://t.co/hlIoQ9vNjs</a> <a href="https://t.co/kcRwmjdt9l" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/kcRwmjdt9l</a></p>— Eleanor Terrett (@EleanorTerrett) <a href="https://twitter.com/EleanorTerrett/status/1771132618144104929?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 22, 2024</a>
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<p>The license will allow the firm to launch a mobile application focused on personal finance, WisdomTree Prime. The company plans to offer dollar- and gold-pegged stablecoins WisdomTree Dollar Token and WisdomTree Gold Token, respectively.</p>
<p><a href="https://crypto.news/tag/NYDFS/" target="_blank" rel="noopener noreferrer nofollow">NYDFS</a> requires issuers of such assets to maintain the market value of reserves collateralized by at least the face value of the outstanding <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noopener noreferrer nofollow">stablecoins</a>. Other obligations include guarantees for the exchange of stablecoins.</p>
<p>You might also like: <a href="https://crypto.news/etc-group-coinshares-wisdomtree-set-to-list-crypto-etps-on-london-stock-exchange/" rel="noopener noreferrer nofollow"> ETC Group, CoinShares, WisdomTree set to list crypto ETPs on London Stock Exchange </a></p>
<p>In November 2023, JPMorgan subsidiary (Onyx Digital Assets), WisdomTree, Apollo, and several industry players, including Ava Labs, <a href="https://crypto.news/jpmorgan-partners-with-wealth-managers-and-blockchain-operators-for-proof-of-concept-initiative/" target="_blank" rel="noopener noreferrer nofollow">tested</a> portfolio management using the Provenance and Avalanche app chains. The goal is to allow fund managers to tokenize, purchase, and rebalance RWA positions&nbsp;across multiple blockchains, standardizing transaction settlement processes.</p>
<p>WisdomTree also <a href="https://crypto.news/asset-manager-wisdomtree-files-bitcoin-etf-application/" target="_blank" rel="noopener noreferrer nofollow">filed</a> for a spot in Bitcoin <a href="https://crypto.news/tag/etf/" target="_blank" rel="noopener noreferrer nofollow">ETF</a> last year, following <a href="https://crypto.news/tag/BlackRock/" target="_blank" rel="noopener noreferrer nofollow">BlackRock</a>. Before this, WisdomTree tried twice to register an ETF in the United States. The company applied in 2021 and 2022 and was rejected in both. The <a href="https://crypto.news/tag/sec/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> explained its decision by saying that these exchange-traded products allegedly did not meet the standards for protecting the interests of investors.</p>
<p>You might also like: <a href="https://crypto.news/bitcoin-etf-record-outflows/" rel="noopener noreferrer nofollow"> Bitcoin ETFs see record $742m in outflows over 3 days </a></p>

WisdomTree receives crypto custody launch approval from NYDFS

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