WisdomTree Prime Eyes New York Launch with Trust Charter Acquisition

WisdomTree Prime Sets Sights on New York Launch

Does a Trust Charter Make All the Difference?

WisdomTree, a prominent player in the financial realm, has secured a crucial charter from the New York State Department of Financial Services (DFS). This coveted charter authorizes WisdomTree to operate as a limited purpose trust company under New York Banking Law, granting it the authority to serve customers under the watchful eye of regulators. With this charter, WisdomTree gains the ability to unleash its WisdomTree Prime platform in the bustling streets of New York City.

What's in a Trust Charter?

The trust company charter empowers WisdomTree to assume the role of a digital asset custodian, providing digital wallet services and facilitating the issuance and exchange of DFS-approved stablecoins. It also entrusts WisdomTree with the management of stablecoin reserves through its newly established entity, WisdomTree Digital Trust Company, LLC. By joining the elite ranks of digital asset trust companies with this charter, WisdomTree cements its position as a trailblazer in the industry's embrace of blockchain-enabled financial services.

The WisdomTree Prime Ecosystem: A One-Stop Shop

WisdomTree Digital Trust Company will initially focus on offering products within the WisdomTree Prime ecosystem. The company plans to issue the WisdomTree Gold Token and the WisdomTree Dollar Token, both of which will be available through WisdomTree Prime. Additionally, it will maintain reserves for these assets under a framework approved by the DFS. This charter also paves the way for WisdomTree to extend access to WisdomTree Prime to New York retail customers in the near future.

Compliance and Consumer Protection: Top Priorities

"We adhere to the highest compliance standards in the industry, and a New York limited purpose trust company provides the optimal platform for us to offer regulated tokenized products and services to our retail and institutional customers," remarked Will Peck, Head of Digital Assets at WisdomTree and CEO of WisdomTree Digital Trust Company, LLC. "Our robust initial product offering and ambitious growth plans will be pursued responsibly under this charter in New York and through our other licenses nationwide."

The WisdomTree Vision: Innovation with Safeguards

WisdomTree Prime aspires to become a comprehensive ecosystem for saving, spending, and investing, seamlessly integrating a consumer's financial life with blockchain technology. Backed by its trust charter and fiduciary powers, the trust company aims to provide enhanced protections for its customers, ensuring the secure custody of their assets. Furthermore, WisdomTree envisions utilizing WisdomTree Digital Trust Company to offer products and services to institutions and business clients in the future.

Stellar Network: A Catalyst for Growth

Denelle Dixon, Chief Executive of Stellar Development Foundation, expressed her enthusiasm for WisdomTree Prime's expansion into New York and its partnership with the Stellar network. "Trusted financial institutions like WisdomTree are recognizing the advantages of the Stellar network for tokenizing real-world assets," Dixon noted. "Stellar provides unparalleled control over regulated assets and access to a global ecosystem of businesses." Dixon further highlighted the Stellar blockchain's ability to facilitate secure, auditable, and near-instantaneous transfers around the clock.