WisdomTree selects BNY for digital asset banking services

WisdomTree Inc. (NYSE: WT) announced it has appointed Bank of New York Mellon Corp. (NYSE: BK) as its banking-as-a-service infrastructure provider for WisdomTree Prime, the company's retail platform for tokenized assets and cryptocurrency.

The collaboration makes WisdomTree BNY's first retail digital assets banking-as-a-service client, according to the company's press release. WisdomTree Prime provides U.S. retail investors access to tokenized funds with stablecoin conversion capabilities.

The platform allows users to invest in tokenized real-world assets and will support onchain transfers across tokenized funds and select stablecoins, including USDC and PYUSD, as these features become available. Users can access digital funds and onchain gold through the platform.

Through the BNY partnership, users gain access to banking functionality and blockchain infrastructure, enabling transfers between traditional banking systems and the app as capabilities roll out.

"As digital assets continue to converge with traditional finance, BNY is committed to serving as the bridge that supports this transformation," said Jennifer Barker, Global Head of Treasury Services and Depositary Receipts at BNY.

WisdomTree and BNY have an existing relationship, with BNY serving as administrator, custodian, and sub-adviser on select WisdomTree funds. BNY also acts as reserve custodian and banking partner for WisdomTree's USDW stablecoin.

"BNY is a leader for banks working with stablecoin issuers and brings unmatched trust and reliability as we grow our platform," said Will Peck, Head of Digital Assets at WisdomTree.

WisdomTree currently manages approximately $139.2 billion in assets globally. BNY oversees $57.8 trillion in assets under custody and administration and $2.1 trillion in assets under management as of September 30, 2024.

You May Also Be Interested In

• Quantinuum (QNT) now indicating open at $77, IPO priced at $60
• Generation Income Properties adds three directors, targets data centers
• Planet Labs (PL) call put ratio 1.6 calls to 1 put into quarter results