WisdomTree Receives Charter from NYDFS to Provide Crypto Custody and Stablecoin Services

March 23, 2024 | by


WisdomTree, a globally recognized asset management company, has recently been granted a charter by the New York State Department of Financial Services (NYDFS), allowing them to offer a range of crypto-related services. This charter designates WisdomTree as a limited-purpose trust company, operating under the regulations of New York Banking Law and subject to rigorous supervision. As a result, WisdomTree will be able to provide custodial services for digital assets, including digital wallet offerings, as well as issue and exchange approved stablecoins. This significant development signals the establishment of WisdomTree Digital Trust Company, LLC. Moreover, with the NYDFS’s approval, WisdomTree is set to introduce WisdomTree Prime, a game-changing personal finance app catering to New York retail customers, offering access to digital assets, including cryptocurrencies and digital funds. By receiving this charter, WisdomTree now joins the ranks of esteemed companies like Coinbase, Gemini, and Fidelity Digital Assets that have received trust charters for crypto services from NYDFS, exemplifying their commitment to expanding in the regulated digital asset space. Despite operating in an increasingly competitive market, WisdomTree’s innovative approach and adherence to regulatory standards continue to solidify its position as a leader in the sector.

WisdomTree Receives Charter from NYDFS

WisdomTree, the global asset management company, has achieved a significant milestone by receiving a charter from the New York State Department of Financial Services (NYDFS) to provide crypto-related services. This charter grants WisdomTree the authority to operate as a limited-purpose trust company under the New York Banking Law, subject to enhanced regulatory supervision.

Crypto Custody Services

With the NYDFS charter, WisdomTree is now able to engage in the fiduciary custody of digital assets. This means that the company can securely hold and safeguard digital assets on behalf of its clients. In addition to custody services, WisdomTree can also offer digital wallet services, providing a convenient and secure way for clients to store and manage their digital assets.


Stablecoin Services

Another significant opportunity opened up by the NYDFS charter is the ability for WisdomTree to issue and exchange approved stablecoins. Stablecoins are a type of cryptocurrency that are designed to maintain a stable value by being pegged to a specific asset, such as a fiat currency like the US Dollar. With the establishment of WisdomTree Digital Trust Company, LLC, WisdomTree can now enter the stablecoin market and provide this innovative financial tool to its customers.

Introduction of WisdomTree Prime

One of the exciting developments that will come as a result of the NYDFS charter is the introduction of WisdomTree Prime, a personal finance app aimed at New York retail customers. With this app, customers will have accessible exposure to digital assets, including cryptocurrencies and digital funds. WisdomTree Prime aims to cover various major asset classes, providing a comprehensive solution for individuals looking to invest in digital assets.


WisdomTree Gold Token and WisdomTree Dollar Token

As part of the offerings through WisdomTree Prime, WisdomTree plans to issue two tokens: the WisdomTree Gold Token and the WisdomTree Dollar Token. The WisdomTree Gold Token is a digital representation of gold that allows investors to gain exposure to this precious metal without the need for physical ownership. Similarly, the WisdomTree Dollar Token provides investors with exposure to US Dollars in a digital form. These tokens will be issued by WisdomTree and will be backed by reserves that are maintained under an NYDFS-approved framework, ensuring transparency and security.

Comparison to Other Trust Charter Holders

With the NYDFS charter, WisdomTree joins a select group of companies that have received trust charters for crypto services. Companies like Coinbase, Gemini, and Fidelity Digital Assets have also been granted these charters, highlighting the rigorous regulatory standards that WisdomTree has successfully met. This achievement underscores WisdomTree’s commitment to expanding its presence in the regulated digital asset space and further solidifies its position as a trusted provider of crypto-related services.


Competition in the Market

While WisdomTree’s expansion into the digital asset space is significant, it faces competition from other asset managers in the market. Notable players like BlackRock, Fidelity, Grayscale, and Bitwise are all active in the crypto space and offer products that compete with WisdomTree’s offerings. Despite this competition, WisdomTree has managed to establish its spot Bitcoin ETF, known as BTCW, in the U.S., further showcasing its ability to navigate and succeed in the ever-evolving digital asset market. As of the latest figures, WisdomTree manages $75.6 million in assets under management.

Integration of Digital Asset Offerings

With the NYDFS charter and the introduction of WisdomTree Prime, WisdomTree is taking significant steps to integrate digital asset offerings into its portfolio. By adhering to stringent regulatory standards, WisdomTree ensures that its customers can confidently invest in digital assets while enjoying the peace of mind that comes with regulatory oversight. This focus on responsible and compliant digital asset services is a testament to WisdomTree’s commitment to delivering innovative yet secure financial solutions to its clients.


In conclusion, WisdomTree’s charter from the NYDFS marks an important milestone in the company’s journey into the digital asset space. With the ability to provide crypto custody services, offer stablecoin services, and introduce WisdomTree Prime, WisdomTree is well-positioned to meet the growing demands of individuals and institutions looking to navigate the world of digital assets. By adhering to strict regulatory standards and competing with established players in the market, WisdomTree demonstrates its dedication to providing comprehensive digital asset solutions while maintaining the highest level of professionalism and trust.



View all

view all