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WisdomTree is set to add a slate of digital funds to its \u201cblockchain-enabled\u201d consumer app by the end of the year, executives said Friday.\u00a0<\/p>\n
The company, which managed roughly $94 billion in assets as of Sept. 30, continues its bid to cement what WisdomTree CEO Jonathan Steinberg reiterated to be the firm\u2019s \u201cfirst-mover status\u201d in tokenization.\u00a0<\/p>\n
It launched WisdomTree Prime in July and expanded the app\u2019s reach to residents in 11 additional states earlier this month.\u00a0<\/p>\n
The app offers access to nine digital funds \u2014 with share ownership records kept on the Stellar or Ethereum blockchains \u2014 as well as dollar and gold tokens, bitcoin (BTC<\/a>) and ether (ETH<\/a>).<\/p>\n Steinberg said during the company\u2019s earnings Friday that the firm plans to add a money market fund to WisdomTree Prime. It also plans to offer three WisdomTree<\/a> Siegel-branded digital funds \u201cwhere customers can deploy a model-like experience with just one click.\u201d<\/p>\n Read more:<\/strong> WisdomTree extends reach of Prime app, plots new features<\/a><\/p>\n Jeremy Siegel, a finance professor at the University of Pennsylvania, partnered with WisdomTree in 2020 to offer<\/a> the Siegel-WisdomTree Longevity and Siegel-WisdomTree Global Equity model portfolios.\u00a0<\/p>\n Funds employing those two strategies, as well as a WisdomTree Siegel Moderate Digital Fund, will be added to WisdomTree Prime this quarter, a spokesperson told Blockworks. \u00a0<\/p>\n The firm has said it intends to add additional features, such as debit card connectivity and peer-to-peer functionality, in the coming quarters.\u00a0<\/p>\n \u201cEvery additional state added, or feature enhancement or product launched has generated interest in what WisdomTree is doing from larger players in the financial and technology industries,\u201d Steinberg said.\u00a0<\/p>\n Read more:<\/strong> WisdomTree to leave \u2018no stone unturned\u2019 with new blockchain-native app: CEO<\/a><\/p>\n In addition to its tokenization<\/a> efforts, WisdomTree is one of about a dozen fund issuers with a spot bitcoin ETF proposal<\/a> in front of the US Securities and Exchange Commission. The agency has never permitted such a product to come to market in the US.\u00a0<\/p>\n \u201cIt does seem like there\u2019s been some exciting momentum<\/a>, [and] we remain very focused on a spot bitcoin ETF,\u201d Will Peck, WisdomTree\u2019s head of digital assets, said on the Friday call. \u201cWe think it\u2019s the best execution for the asset class in the traditional channels in the US and we\u2019re looking forward to continue engaging with regulators on it.\u201d\u00a0\u00a0<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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