WisdomTree, the company behind a spot Bitcoin exchange-traded fund (ETF), is in the final stages of obtaining a license from the New York Department of Financial Services (NYDFS) to offer crypto services in New York.
WisdomTree to Get Limited Purpose Trust Charter
According to Fox Business reporter Eleanor Terrett, NYDFS is close to approving WisdomTree’s application for a Limited Purpose Trust Charter. This license would allow WisdomTree to provide crypto-related products and services to customers in New York.
Terrett mentioned that only nine other companies in New York have obtained this license, including Coinbase and Fidelity.
Crypto Wallet App for Tokenization
Bloomberg Intelligence ETF analyst James Seyffart speculated that WisdomTree’s license may be related to their “WisdomTree Prime” app, which offers fintech services. The app provides access to cryptocurrencies, a proprietary Gold token, and tokenized digital funds.
WisdomTree CEO Jonathan Steinberg emphasized the advantages of tokenization, such as increased control over assets and integration of savings, investments, and payments. He believes this flexibility will excite investors.
The app was initially available in 21 states and has now expanded to 38. The potential Limited Purpose Trust Charter could enable WisdomTree to launch the app nationwide.
Hot Take: WisdomTree Nearing Approval for Crypto Services License
WisdomTree is on the verge of obtaining a Limited Purpose Trust Charter from NYDFS, allowing them to offer crypto products and services in New York. With only nine other companies holding this license, including Coinbase and Fidelity, it would position WisdomTree as a major player in the crypto space. This news comes as the company focuses on its wallet app, WisdomTree Prime, which offers users greater control over their assets and access to various tokenized digital funds. If approved, the license would pave the way for WisdomTree to expand the app’s availability nationwide, further solidifying its position in the crypto market.
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