One of the issuers of spot Bitcoin exchange-traded funds (ETFs) in the US, WisdomTree, has announced the expansion of its WisdomTree Prime app to users in New York.
Expanded Custody And Stablecoin Services
This development closely follows WisdomTree’s recent achievement of a New York State Department of Financial Services (DFS) charter, granting the company the status of a limited-purpose trust company under the New York Banking Law.
This charter enables the asset manager to custody digital assets, including offering digital wallet services, issuing and exchanging DFS-approved stablecoins, and managing stablecoin reserves through its newly established entity, WisdomTree Digital Trust Company.
According to the asset manager’s announcement, the trust charter and added authorities enable WisdomTree Digital Trust Company to provide increased customer protection, particularly regarding asset safekeeping.
WisdomTree Prime App And Visa Debit Card Make Joint Debut In NY
The launch of the WisdomTree Prime app in New York coincides with the recent introduction of the WisdomTree Prime Visa Debit Card issued by Stride Bank.
According to the Bitcoin ETF issuer, this card will allow users to purchase with their available wallet balance wherever Visa is accepted, effectively bridging personal finance and digital asset investing.
Will Peck, Head of Digital Assets at WisdomTree, expressed his excitement about the company’s accomplishments:
Since our initial entry into select states’ app stores last summer, we have gained significant momentum across various fronts, including the launch of new digital funds, payment capabilities, and collaborations with regulators like the New York State Department of Financial Services. Our aim is to empower consumers in utilizing digital assets in their everyday financial lives. We are excited to provide retail investors in New York with access to the app, as we recognize the rapid growth of the digital asset market in this region, which we expect to be highly influential for WisdomTree Prime.
In addition to New York, WisdomTree Prime has gone live in several other states, including Connecticut, Delaware, Idaho, Louisiana, Maine, Nevada, and Ohio, bringing the total number of states in which it is available to 41.
As of the current press time, the leading cryptocurrency in the market is trading at $62,300. It recently experienced a dip to the lows of $61,000, establishing itself as a crucial support level for Bitcoin. Despite these downward price fluctuations, BTC has maintained a week-over-week gain of nearly 5%.
Featured image from Shutterstock, chart from TradingView.com