WisdomTree to Launch Digital Assets Consumer App

Digital Wallet to allow users to save, spend and invest in cryptocurrencies and tokenized versions of physical assets


Source: WisdomTree


key takeaways

  • The firm, which manages $76 billion, is targeting a beta launch of the app during the second quarter
  • “Being native to the blockchain will prove to be one of the great differentiating advantages,” WisdomTree CEO says

ETF specialist WisdomTree has revealed plans to launch a blockchain-native financial services mobile app later this year as it looks to expand its presence in the digital assets space.

Called WisdomTree Prime, the app is designed to offer decentralized finance (DeFi) attributes, such as choice, transparency and inclusivity, CEO Jonathan Steinberg said during a Friday earnings call.

It will allow users to save, spend and invest in cryptoassets such as bitcoin and ether, blockchain-enabled funds and tokenized versions of physical assets like gold, company executives said.

“It’s the convergence of blockchain technology with universal smartphone ownership and tokenization with smart contracts that will effectively blur the lines between savings, payments and investments, fundamentally changing the way consumers view and interact with their own money and assets,” Steinberg said.

WisdomTree, which has $76 billion of assets under management, is targeting a beta launch of the app in certain states during the second quarter, with a national rollout expected by the end of the year.  

Steinberg noted the efficiencies and enhancements that blockchain technology offers, such as near-instant transfers and automation. He compared the emerging space to the ETF industry 25 years ago, but called it a larger opportunity.

“Many have created these mobile apps but are using the old rails, so they’re not native to the blockchain,” the CEO said. “I can’t stress enough that starting now, being native to the blockchain will prove to be one of the great differentiating advantages.”   

Recent product expansion

The upcoming app launch follows WisdomTree’s crypto product expansion in recent months. 

The company in November added three physically backed cryptocurrency basket exchange-traded products (ETPs) to its lineup of offerings in Europe. 

WisdomTree Global Chief Investment Officer Jeremy Schwartz said Friday that the firm has a “strong pipeline” for additional crypto ETPs in the region. In the US, he added, separately managed accounts and direct indexing are currently the best ways for advisors to give their clients crypto exposure.

The firm began offering a crypto index that it created with Ritholtz Wealth Management in December. 

WisdomTree, which has 75 ETFs trading in the US with roughly $47 billion of assets, also recently began providing exposure to bitcoin futures contracts within actively managed commodity and managed futures strategies. 

The company amended its application for an ETF in December that would invest directly in bitcoin a week after the US Securities and Exchange Commission (SEC) rejected its proposal.

“We have no guidance on when [that] might be approved,” Will Peck, WisdomTree’s head of digital assets, said during the earnings call. “But we’re very optimistic that ultimately spot ETFs will be approved here in the US for bitcoin and ether.”

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg


Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.


MicroStrategy discloses the purchase of 16,000 bitcoin throughout November


Digital asset firms face potential new regulatory landscape under Treasury’s proposed authority expansion


Uniswap Labs will be providing trading APIs to Talos investors through Fireblocks


DYDX supply will climb by up to 80% after the Friday unlock, but a couple factors make a massive sell-off appear unlikely


Switzerland-based Pando Asset, which has crypto products trading on the SIX Swiss Exchange, now looks to the US


Binance does not hold the required licenses to advertise and serve customers in the Philippines, the country’s securities regulator said