Business News Report
March 22, 2024

WisdomTree Secures NYDFS Approval to Provide Crypto Services in New York

In Brief

WisdomTree received approval from the New York State Department of Financial Services (NYDFS) to provide cryptocurrency-related services to New York customers.

WisdomTree Secures NYDFS Approval to Provide Crypto Services in New York

Global asset management company WisdomTree received approval from the New York State Department of Financial Services (NYDFS) to provide cryptocurrency-related services within the state. This charter enables WisdomTree to function as a limited-purpose trust company under the New York Banking Law, subject to increased regulatory oversight.

Furthermore, it grants the company permission to engage in fiduciary custody of digital assets, such as providing digital wallet services, issuing and exchanging approved stablecoins, and overseeing stablecoin reserves through the recently established WisdomTree Digital Trust Company. 

The approval from NYDFS also allows the company to introduce WisdomTree Prime, a personal finance application designed to provide easy-to-use access to digital assets like cryptocurrency and digital funds encompassing various significant asset classes for New York retail customers in the near future.  

As part of WisdomTree Prime, the company intends to release the WisdomTree Gold Token and the WisdomTree Dollar Token while also managing reserves for these assets according to a framework approved by NYDFS.

“This well-established trust company charter program — which long predates digital assets — is based on bank-grade regulation, allowing us to offer products that capitalize on innovation without sacrificing customer protection,” said Jonathan Steinberg, founder and CEO of WisdomTree, in a written statement.  

WisdomTree Navigates Crypto Landscape, Joins Trust Charter Companies, and Offers Bitcoin Exposure 

With the recent approval, WisdomTree joins other companies holding trust charters for cryptocurrency services alongside entities like Coinbase, Gemini, and Fidelity Digital Assets. Additionally, WisdomTree intends to utilize the trust company to provide products and services tailored for institutions and business clientele in the forthcoming period. 

This strategic decision places WisdomTree in a favorable position to meet the increasing demand for cryptocurrency investment solutions, all while adhering to regulatory standards in one of the global key financial centers. 

The company is also an issuer of a spot Bitcoin exchange-traded fund (ETF), which was recently approved alongside similar products from companies such as Fidelity, BlackRock, Ark 21 Shares, among others, in the United States. Despite observing an overall outflow among Bitcoin ETF issuers this week, the substantial influx since the launch indicates the increasing interest of Wall Street players in the flagship cryptocurrency. Notably, yesterday, WisdomTree recorded an inflow of approximately $60 million since its launch.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Biswap Releases New Strategic Roadmap, Focuses On Multi-Chain Expansion And Introduction Of Liquid Staking
Markets News Report Technology
Biswap Releases New Strategic Roadmap, Focuses On Multi-Chain Expansion And Introduction Of Liquid Staking
May 24, 2024
Web3 AI Unveiled: Jimmy Zhao Unpacks How BNB Chain’s Integration of Blockchain and AI Redefines Trust, Transparency, and Decentralization
Interview Business Markets Software Technology
Web3 AI Unveiled: Jimmy Zhao Unpacks How BNB Chain’s Integration of Blockchain and AI Redefines Trust, Transparency, and Decentralization
May 24, 2024
Hyperliquid Unveils HIP-1 Spot Token Deployment Function On Its Mainnet, And Recommends Testing For Smooth Deployment
News Report Technology
Hyperliquid Unveils HIP-1 Spot Token Deployment Function On Its Mainnet, And Recommends Testing For Smooth Deployment
May 24, 2024
This Week’s Top Deals, Major Investments in AI, IT, Web3, and Crypto (20-24.05)
Digest Top Lists Business Lifestyle Markets Software Technology
This Week’s Top Deals, Major Investments in AI, IT, Web3, and Crypto (20-24.05)
May 24, 2024