Ramazan Eles 
WisdomTree, the asset manager, has received approval from the New York State Department of Financial Services (DFS) for a charter to operate as a limited-purpose trust company under the New York Banking Law.
This charter paves the way for WisdomTree to introduce its personal finance mobile app, WisdomTree Prime, with heightened regulatory oversight in New York, as announced by the firm on March 22.
Jonathan Steinberg, the founder and CEO of WisdomTree, highlighted the significance of this approval, stating, “The New York State Department of Financial Services is the premier regulator for businesses involved in digital asset activity.” He emphasized the trust company charter program’s robust regulatory framework, which predates digital assets, ensuring customer protection while fostering innovation.
With this charter, WisdomTree is poised to emerge as a key player in New York’s rapidly evolving digital asset landscape. The approval allows the company to provide digital asset custody services, including wallet solutions, issuing DFS-approved stablecoins, and managing stablecoin reserves. These services will be offered through the newly established entity, WisdomTree Digital Trust Company.
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