Share this article
WisdomTree Launching Retail Crypto App
The app will expand the New York-based asset manager’s crypto reach with a focus on retail traders.
Updated May 11, 2023, 5:56 p.m. Published Jan 28, 2022, 7:57 p.m.
Make us preferred on Google
WisdomTree Investments is prepping the launch of a digital finance app that will allow customers to trade cryptocurrencies and other financial products.
The move, which was announced on Friday, will expand the New York-based asset manager’s purview with a greater focus on retail traders. It makes WisdomTree the latest example of a traditional finance firm bringing more crypto options into the mix.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In a blog post, Will Peck, WisdomTree’s head of digital assets, said the firm wants the app to “provide a core suite of savings, payments and investment” services while avoiding the worst of “trading and speculation.”
It’s a product not dissimilar to that offered by Bakkt, the digital asset firm that went public in a special purpose acquisition company (SPAC) merger last year. Bakkt has seen its share price lag in 2022 amid crypto and stock market volatility, as the stock has fallen about 57% year to date. Shares of Robinhood Markets, which offers crypto and equity trading, have dropped about 35% during the same period.
Unlike Robinhood’s crypto service, “WisdomTree Prime” will be "blockchain native" at launch. Building the platform on the latest blockchain architecture was a way for WisdomTree to tap new financial services infrastructure, Peck said in an interview.
Removing intermediaries also drove WisdomTree to a blockchain-based approach, Peck said, adding that the initiative won’t put WisdomTree in a “giant cost hole.”
The investment firm seeks a beta launch in some U.S. states during the second quarter and expects a national rollout later this year.
Read more: WisdomTree's Fourth-Quarter Crypto Assets Managed Rises 5-Fold
It’s not the firm’s first foray into the cryptocurrencies. WisdomTree listed a trio of crypto exchange-traded products (ETPs) in November in Switzerland and Germany. The products are for sale across 12 European Union countries as well as in Norway and Switzerland.
The firm also teamed up with Ritholtz Wealth Management to launch the RWM WisdomTree Crypto Index. Its application to list a spot bitcoin exchange-traded fund was rejected by the U.S. Securities and Exchange Commission, though it has subsequently refiled.
WisdomTree manages over $76 billion in assets globally, according to its latest earnings statement released today.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Stablecoins seen as ‘the default’ for payments as OKX brings crypto card to Europe
With EU banks exploring stablecoin issuance and regulators laying ground rules, OKX says its card marks a turning point in crypto’s integration into everyday finance.
What to know:
- OKX has launched a new Mastercard-linked crypto debit card in Europe that lets users spend stablecoins directly from self-custody wallets at more than 150 million locations.
- The card converts stablecoins only at the time of purchase with a 0.4% market spread and no additional fees, offers limited-time crypto rewards of up to 20 percent, and supports tap-to-pay via Apple Pay and Google Pay.
- OKX and Mastercard executives say the rollout reflects how stablecoins, now regulated in the European Union under the MiCA framework, are moving into the financial mainstream for everyday payments and settlements.
Top Stories
