WisdomTree to Secure New York License for Crypto Services: Fox

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By BitcoinWiki News

Key Takeaways:

– WisdomTree is finalizing efforts to secure a license from the New York Department of Financial Services (NYDFS) for its spot Bitcoin exchange-traded fund (ETF)
– NYDFS is nearly ready to approve WisdomTree’s application for its Limited Purpose Trust Charter, allowing the company to provide crypto services in the State of New York
– Only nine other companies in New York have acquired this license, including Coinbase and Fidelity
– WisdomTree has a wallet app called WisdomTree Prime, which offers access to cryptocurrencies and a proprietary Gold token, as well as gateway to various tokenized digital funds
– The app was initially available in 21 states in the U.S. and has now expanded to 38
– WisdomTree’s CEO, Jonathan Steinberg, highlighted the advantages of tokenization, including providing more direct control over assets, integrating savings, investments, and payments
– The possible Limited Purpose Trust Charter could allow the company to proceed with the app’s nationwide launch.


1. WisdomTree’s Efforts to Secure a New York License
WisdomTree, the company 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). The company is seeking a Limited Purpose Trust Charter from the NYDFS, which would allow it to provide crypto services in the State of New York. The NYDFS is said to be “very close” to approving WisdomTree’s application, with only nine other companies in New York having acquired this particular license, including Coinbase and Fidelity.

2. Speculation on the Application of the License
There is speculation about the application of the license to WisdomTree’s “WisdomTree Prime” app, a crypto wallet app for tokenization. Bloomberg Intelligence ETF analyst James Seyffart suggested that the Limited Purpose Trust Charter could be related to the company’s app, which offers access to cryptocurrencies and a proprietary Gold token, as well as serving as a gateway to various tokenized digital funds.

3. Vision for WisdomTree Prime
During a recent earnings call, WisdomTree CEO Jonathan Steinberg discussed the company’s focus on digital assets, particularly highlighting the wallet app, WisdomTree Prime. Steinberg emphasized the advantages of tokenization, such as providing greater control over assets and integrating savings, investments, and payments. He expressed the vision for the app to offer users much greater control of their assets and highlighted the flexibility and excitement it could bring to investors.

4. Expansion of WisdomTree Prime
WisdomTree Prime was initially available in 21 states in the U.S. and has now expanded to 38 states. With the possible acquisition of the Limited Purpose Trust Charter, the company could potentially proceed with a nationwide launch of the app, providing access to its crypto-related products and services to customers across the country.

5. Potential Implications of the License
The approval of the Limited Purpose Trust Charter for WisdomTree could open up new opportunities for the company to offer a wider range of crypto-related products and services, further expanding its presence in the digital asset space and allowing it to cater to a broader customer base.

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