WisdomTree ‘Very Close’ to Securing New York License for Crypto Services: Fox Business

Hongji Feng
Last updated: | 1 min read
Source: DALL·E

WisdomTree, known for its spot Bitcoin exchange-traded fund (ETF), is reportedly finalizing efforts to secure a license from the New York Department of Financial Services (NYDFS).

WisdomTree to Get Limited Purpose Trust Charter

According to Fox Business reporter Eleanor Terrett, the NYDFS is nearly ready to approve WisdomTree’s application for its Limited Purpose Trust Charter, which would enable the company to provide crypto services in the State of New York.

“@WisdomTreeFunds is working closely with @NYDFS to offer crypto-related products and services to customers in New York,” said Terrett. “Sources say NYDFS is ‘very close’ to approving a Limited Purpose Trust Charter for WisdomTree.”

Terrett added that only nine other companies in New York have acquired this license, including Coinbase and Fidelity.

Crypto Wallet App for Tokenization

Bloomberg Intelligence ETF analyst James Seyffart shared Terrett’s post and speculated the license’s possible application, saying, “Assuming this is in relation to their ‘WisdomTree Prime’ app?”

Ledger Insights recently reported that a significant portion of WisdomTree’s latest earnings call, led by CEO Jonathan Steinberg, was dedicated to discussing digital assets, particularly highlighting its wallet app WisdomTree Prime.

Steinberg’s vision for WisdomTree Prime focused on enhancing user experience by offering greater control over assets. The app not only grants access to cryptocurrencies and a proprietary Gold token but also serves as a gateway to various tokenized digital funds.

Steinberg articulated the advantages of tokenization, including providing more direct control over assets, thereby integrating savings, investments, and payments.

“You’re going to get much greater control of your assets as opposed to the infrastructure that exists today,” said Steinberg. “Where your savings, your investments and your payments are all connected much more closely.”

“That kind of flexibility will prove to be, I think, of tremendous excitement to investors over time,” said Steinberg.

The wallet was initially available in 21 states in the U.S. and now has expanded to 38. The possible Limited Purpose Trust Charter could allow the company to proceed with the app’s nationwide launch.