Fun

WisdomTree wins NYDFS trust company charter

News Feed - 2024-03-22 08:03:50

Zoltan Vardai12 hours agoWisdomTree wins NYDFS trust company charterThe charter will enable WisdomTree’s newly founded entity to offer crypto custody, stablecoin issuance, and stablecoin reserve management services.823 Total views5 Total sharesListen to article 0:00Breaking newsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAsset manager WisdomTree has been granted a charter from the New York State Department of Financial Services (NYDFS) to operate as a limited-purpose trust company under 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, said 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 NYDFS-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


With the new charter, WisdomTree Digital Trust will first launch the WisdomTree Gold Token and the WisdomTree Dollar Token within the mobile app.


The firm said it will maintain reserves for those assets that are in line with the framework provided by the NYDFS.


Under the NYDFS framework, stablecoin issuers are required to fully back the asset with reserves, meaning that the market value of the reserves is at least equal to the nominal value of the outstanding stablecoin units.


Issuers must also guarantee the redeemability of the stablecoins at a 1:1 exchange rate to the U.S. dollar.


WisdomTree surpassed $100 billion in total assets under management (AUM) in December 2023. The firm had $99.5 billion worth of AUM as of January 2024.


The banking charter also allows the asset manager to offer its personal finance app to retail investors in New York. The app is already available on the Apple App Store and Google Play.


Related:Ether ETF is less likely than Bitcoin ETF was — Recharge Capital Managing Partner# ETF# Bitcoin Regulation# Adoption# mobile techAdd reactionAdd reactionRead moreFinal Fantasy 15 director says AI, VR, Web3 important for devs ‘whether you like it or not’Bitcoin traders anticipate volatility as BTC futures open interest tops $36BBitcoin eyes 7-month win streak for the first time

News Feed

Market Analyst Says ‘Whole Crypto Sphere Is in a Bear Market’ as Prices Continue to Slide Lower
Market Analyst Says "Whole Crypto Sphere Is in a Bear Market" as Prices Continue to Slide Lower The crypto-economy has been sliding in value this week and during the last 24 hours,
Report: Digital AUM Surged to $48.7 Billion in March, Average Weekly Flows Turn Negative
Report: Digital AUM Surged to $48.7 Billion in March, Average Weekly Flows Turn Negative The total aggregate digital assets under management (AUM) surged to $48.7 billion in March,
Tom Blackstone7 hours agoPolygon launches POL token contract on Ethereum to eventually replace MATICThe team migrated the POL token contract to the Ethereum network, paving the way for it to replace MATIC in the future.2
Yashu Gola6 hours agoWhy is Litecoin’s price down today?Litecoin’s price is down today in part due to its overbought conditions and the upcoming release of the Federal Reserve’s meeting minutes.2034 Total views2 To
Hacker Siphons Close to $300K in OHM Tokens From the Olympus DAO
Hacker Siphons Close to $300K in OHM Tokens From the Olympus DAO On Friday, October 21, a malicious entity siphoned 30,437 OHM tokens from the Olympus DAO after finding a loophole
Amaka Nwaokocha2 hours agoLegal scholars file amicus brief in support of CoinbaseThe legal practitioners asked the court to adhere to the established definition of “investment contract” when interpreting its scope.69
New ‘overlay attacks’ are a growing threat to crypto users — security CEO
Christopher Roark3 hours agoNew ‘overlay attacks’ are a growing threat to crypto users — security CEOThe attackers are creating fake overlays to trick users into providing login credentials for financial services a
Report: Chinese Metaverse Industry Raises $780 Million in Funding
Report: Chinese Metaverse Industry Raises $780 Million in Funding The Chinese metaverse industry has reportedly raised about $780 million in funding and there are expectations this
Vikram Raj Singh11 hours agoImplementing tokenized securities for regulatory complianceSince they are programmable, tokenized securities enable the implementation of automated compliance rules and the execution of comple
Investor Sues Korean Crypto Exchange for Delaying Coin Transfer Before Luna Crash
Investor Sues Korean Crypto Exchange for Delaying Coin Transfer Before Luna Crash A cryptocurrency investor has reportedly sued South Korean crypto exchange Upbit after the trading
US Lawmakers Caution Against Regulations Restricting Use of Self-Hosted Crypto Wallets
US Lawmakers Caution Against Regulations Restricting Use of Self-Hosted Crypto Wallets Four U.S. lawmakers have sent a letter to Treasury Secretary Steven Mnuchi
Hamster Kombat token price plunges on exchange debut
Helen Partz11 hours agoHamster Kombat token price plunges on exchange debutAmid Hamster Kombat officially listing on exchanges such as Binance and HashKey, the HMSTR token has been plummeting.8502 Total views38 Total sha