WisdomTree Receives DFS Charter to Tap into New York's Digital Asset Sector
Summary:
WisdomTree, an asset management firm, has been granted a charter by the New York State Department of Financial Services (DFS) to function as a limited-purpose trust company under New York law. This approval enables WisdomTree to launch its personal finance mobile app, WisdomTree Prime, and venture into New York's digital asset sector. The charter empowers WisdomTree to offer digital asset custody services, including wallet services and stablecoin handling under its newly formed subsidiary, WisdomTree Digital Trust Company.
The New York State Department of Financial Services (DFS) has given the green light to asset management company WisdomTree, providing it with a charter to operate as a limited-purpose trust firm according to the New York Banking Law. This endorsement, revealed by the company on March 22, paves the way for the debut of its personal finance mobile application, WisdomTree Prime, to be launched under boosted regulatory oversight in New York. With this new credential, WisdomTree sees a clear path towards becoming an influential player in New York's burgeoning digital asset industry, according to founder and CEO Jonathan Steinberg. He stated that DFS sits at the forefront of regulators handling digital asset-based businesses, and the trust charter program, which precedes digital assets, sets high banking-level regulations allowing them to deliver innovative products that equally prioritize customer safety. This charter permits WisdomTree the leverage to provide services related to digital asset custody, such as wallet facilities, issue DFS-endorsed stablecoins, and manage stablecoin reserves under the freshly established WisdomTree Digital Trust Company subsidiary. As the story continues to unfold, more details will be provided.
Published At
3/22/2024 2:40:50 PM
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