WisdomTree wins NYDFS trust company charter


Asset manager WisdomTree has been granted a charter from the New York State Department of Financial Services (DFS) to operate as a limited-purpose trust company under the New York Banking Law.

The trust company charter will enable the firm to launch its personal finance mobile app, WisdomTree Prime, under enhanced regulatory supervision in New York, the firm announced on March 22.

The new approval will enable WisdomTree plans to become a leading company in New York’s rapidly evolving digital asset space, wrote Jonathan Steinberg, the founder and CEO of WisdomTree:

“The New York State Department of Financial Services is the premier regulator for businesses that engage in digital asset activity. 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.”

The charter enables WisdomTree to offer digital asset custody services, including wallet services, issuing DFS-approved stablecoins, and managing stablecoin reserves under the newly formed entity, WisdomTree Digital Trust Company.

Related: TradFi Wall Street firms pushing for Ether ETF approval, says former Binance Labs head

This is a developing story, and further information will be added as it becomes available.

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