WisdomTree (NYSE: WT) has been approved by the New York State Department of Financial Services (DFS) to receive a limited-purpose trust charter under New York banking law. WisdomTree notes that this will enable the launch of WisdomTree Prime. The charter also enables digital asset activity, including custody of digital assets, digital wallet services, and to issue and exchange DFS-approved stablecoins.
This activity will take place under a new company formed by the company called WisdomTree Digital Trust Company, LLC.
Initially, the company will issue the WisdomTree Gold Token and the WisdomTree Dollar Token available in WisdomTree Prime and maintain reserves for those assets. The charter will also allow WisdomTree to offer New York retail customers access to WisdomTree Prime.
Jonathan Steinberg, WisdomTree Founder and CEO, said the charter program will allow them to offer innovative products while adhering to established high levels of customer protection. He predicted the charter will allow WisdomTree to “lead in the industry evolution of tomorrow.”
Will Peck, Head of Digital Assets at WisdomTree and CEO of WisdomTree Digital Trust Company, shared that they have a robust initial product offering and a strong plan to grow in New York and “through our other licenses across the nation.”