WisdomTree

WisdomTree Investments, an exchange-traded fund, exchange-traded product sponsor, and asset manager, announced a partnership with Stride Bank and Galileo Financial Technologies as two of its primary banking and payments partners for WisdomTree Prime, a blockchain-based digital wallet.

WisdomTree Investments, through its subsidiaries in the United States and Europe, is an ETF and ETP sponsor and asset manager. Equity, commodities, fixed income, leveraged and inverse, money, cryptocurrencies, and alternative methods are among the products offered by the company.

WisdomTree manages approximately $72.8 billion in total assets globally and has launched its first open-end fund with tokenized share records on blockchains. According to Will Peck, WisdomTree’s head of digital assets, the company decided to provide passive exposure to US Treasuries due to rising interest rates and the asset class’s importance as a fundamental component of a portfolio.

WisdomTree Prime

WisdomTree Prime is a digital wallet built on the blockchain and it’s a service being offered by WisdomTree Digital Movement. It will give consumers access to retail payment options such as demand deposit accounts (DDAs), money-moving options, and debit cards with the Visa logo. It will also enable investors to purchase the fund.

WisdomTree Prime’s blockchain-based digital wallet is currently in testing and will be made available to additional people on the waitlist later this year.

According to Peck’s blog, when WisdomTree’s chief executive Jonathan Steinberg launched the company, he remarked that, unlike traditional mutual funds, all an investor needed to access ETFs was a brokerage account. The WisdomTree Prime Visa debit card will be available in physical form soon after it is made available as a virtual card. It is compatible with Apple Pay, Google Pay, and Samsung Pay.

Stride Bank has been chosen as a strategic partner by WisdomTree to facilitate secure financial transfers via the WisdomTree Prime payment ecosystem. Stride is a well-known fintech partner bank, ranking among the top 15 Visa global issuers and serving as the issuing bank for several notable fintech companies. Through the collaboration with Stride Bank, users will be able to connect their traditional bank account with traditional payment services, such as a Visa debit card, to digital activities (including digital asset activities) provided by a different, unaffiliated custodial bank.

Users can store fiat money in order to buy or sell digital assets, just as bank customers do in order to purchase other goods and services. WisdomTree Prime will provide a separate digital wallet for all digital asset purchases, sales, and holdings. Furthermore, WisdomTree Digital has a partnership with Galileo Financial Technologies, a payments company.

Galileo is a top payment processor, and it is used by top fintech companies, financial service providers, and investment firms all over the world. These service providers are now linked to WisdomTree Digital’s blockchain infrastructure, which is based on Security and employs Fireblocks MPC wallet technology.

How Will it Benefit WisdomTree?

With the upcoming launch of WisdomTree Prime, the company is committed to becoming the market leader in blockchain-enabled finance. Furthermore, the company intends to create a platform that integrates investing, spending and saving. According to WisdomTree President and COO Jarrett Lilien, the app was built from the ground up on blockchain rails to have a flexible architecture.

The company can now collaborate with the biggest names in payments to provide a more user-friendly digital experience. The firm’s approach to digital assets is a natural extension of its core ETF business. Furthermore, it is expected that blockchain-enabled finance will eventually improve the investor experience by increasing liquidity, transparency, and standardization.

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