WisdomTree announced it is working with The Bank of New York Mellon Corporation (BNY) to enable retail investors to on-ramp and off-ramp funds to its digital assets app WisdomTree Prime. The asset manager launched the groundbreaking investment app two years ago, enabling access to Bitcoin, Ether, tokenized gold and WisdomTree digital funds.
Since then the number of on chain funds has grown to 14, led by its tokenized money market fund WTGXX, which has a market capitalization of more than $600 million. WisdomTree also launched its own stablecoin, USDW, for use within the app. For example, it is used to pay fund dividends. BNY already acts as reserve custodian and banking partner for the USDW reserves. Apart from USDW, the app supports the USDC and PYUSD (Paypal) stablecoins.
“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.
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