Summary
WisdomTree gains clearance from NY DFS to offer blockchain-enabled financial app, plans to extend digital assets offerings. The app will be available in New York soon, offering bitcoin, ether, dollar and gold tokens. WisdomTree Digital Trust Company intends to issue gold and dollar tokens and maintain reserves for those assets. The company is focused on bringing fixed income, equities, and commodities into the digital world via digital funds and tokenized exposures. The app’s tech stack integrates software for security related to private keys management. WisdomTree plans to use the Trust Company to offer products and services to institutions and business customers in the future.
Key Points
1. WisdomTree has gained clearance from the New York State Department of Financial Services to offer its blockchain-enabled financial app to New York users, allowing the firm to custody digital assets, issue stablecoins, and manage reserves for digital tokens.
2. The app, called WisdomTree Prime, offers bitcoin, ether, dollar and gold tokens, and allows users to access digital funds with share ownership records kept on the Stellar or Ethereum blockchains.
3. WisdomTree’s CEO of Digital Trust Company, Will Peck, believes that the regulatory trends will favor highly regulated organizations for issuing tokenized products and providing related services, and the company plans to offer products on public blockchains outside of WisdomTree Prime in the future.