WisdomTree Wins NYDFS Trust Company Charter
WisdomTree, an asset manager, has been granted a charter by the New York State Department of Financial Services (DFS) to operate as a limited-purpose trust company under the New York Banking Law. This will allow the firm to launch its personal finance mobile app, WisdomTree Prime, under enhanced regulatory supervision in New York.
The new approval will enable WisdomTree to become a leading company in New York’s rapidly evolving digital asset space.
The trust company charter program, based on bank-grade regulation, allows 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.
(With inputs from Shikha Singh)
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