Personal finance app merges saving, spending, and investing, bringing tokenization and blockchain-enabled finance to the center of the consumer’s financial life.
WisdomTree, Inc. (NYSE: WT), a global financial innovator, today announced that WisdomTree Prime™ is now available, granting investors access to the blockchain-enabled financial app built to save, spend, and invest in digital assets and WisdomTree Digital Funds. The personal finance app is available in the Apple App Store and Google Play for users across 21 states in the U.S.
WisdomTree Prime™ provides users with a curated and user-friendly investing experience covering a wide variety of asset classes all within a blockchain-native ecosystem. This includes a select suite of crypto assets including Bitcoin and Ether, tokenized physical assets like gold, and exposure to mainstream traditional asset classes via WisdomTree’s very own Digital Funds. WisdomTree’s in-house SEC registered transfer agent keeps a secondary record of investor ownership of Digital Fund shares on either the Stellar or Ethereum blockchains. The Digital Funds are available exclusively on the WisdomTree Prime™ app.
Will Peck, Head of Digital Assets at WisdomTree, said, “This initial launch of WisdomTree Prime is an exciting milestone in our tokenization and blockchain-enabled finance initiatives. WisdomTree Prime is bringing forward a user-friendly, curated investing experience across a range of strategies in fixed income, equities, gold and cryptocurrencies. Bringing traditional assets into the digital ecosystem will allow for blockchain technology to be used in a more mainstream capacity, positioning the app to be at the center of an investor's financial life over time. Over the coming months, we will continue to roll out new features and expand access in additional states. We look forward to sharing our continued progress as we focus on increased accessibility and adoption.”
In addition to Gold, USD, Bitcoin and Ether, Digital Funds currently available on WisdomTree Prime include:
- WisdomTree Short-Term Treasury Digital Fund (WTSYX)
- WisdomTree 3-7 Year Treasury Digital Fund (WTTSX)
- WisdomTree 7-10 Year Treasury Digital Fund (WTSTX)
- WisdomTree Long Term Treasury Digital Fund (WTLGX)
- WisdomTree Floating Rate Treasury Digital Fund (FLTTX)
- WisdomTree TIPS Digital Fund (TIPSX)
- WisdomTree 500 Digital Fund (SPXUX)
- WisdomTree Technology and Innovation 100 Digital Fund (TECHX)
- WisdomTree Short-Duration Income Digital Fund (WTSIX)
For more information about the WisdomTree Digital Funds, please visit www.wisdomtree.com/investments/digital-funds
Additional products and capabilities will continue to become available within the app on a rolling basis.
Jonathan Steinberg, WisdomTree Founder and CEO, said, “The WisdomTree story began with ETFs because we saw how the structure’s liquidity, transparency and tax efficiency created a better investing experience, disrupting the mutual fund industry, and laying the groundwork for our goal to make financial services as accessible and transparent as possible. Today, we see a similar opportunity: our compliance-forward approach and close collaboration with regulators over the years has equipped us to take the opportunity at hand to drive innovation within the digital ecosystem in a transparent and investor-friendly manner. We are on the precipice of a major shift in financial services, where blockchain-enabled finance will transform the industry as we see it today.”
The first wave of states included in this availability are: Arizona, California, Delaware, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, New Jersey, Oklahoma, Oregon, Pennsylvania, Utah, Wisconsin, and Wyoming. WisdomTree is working closely with applicable regulators to continue rolling out the finance app for investors in additional states. Please visit https://www.wisdomtreeprime.com/ for the latest information on availability.
About WisdomTree
WisdomTree is a global financial innovator, offering a well-diversified suite of exchange-traded products (ETPs), models and solutions. We empower investors to shape their future and support financial professionals to better serve their clients and grow their businesses. WisdomTree is leveraging the latest financial infrastructure to create products that provide access, transparency and an enhanced user experience. Building on our heritage of innovation, we are also developing next-generation digital products and structures, including digital funds and tokenized assets, as well as our blockchain-native digital wallet, WisdomTree Prime™.
WisdomTree currently has approximately $93.6 billion in assets under management globally.
For more information about WisdomTree and WisdomTree Prime, visit: https://www.wisdomtree.com.
Please visit us on Twitter at @WisdomTreeNews.
WisdomTree® is the marketing name for WisdomTree, Inc. and its subsidiaries worldwide.
Carefully consider the investment objectives, risks, charges, and expenses of the Digital Funds before investing. To obtain a prospectus containing this and other important information, please visit https://www.wisdomtree.com/investments. Read the prospectus carefully before investing.
WisdomTree Digital Funds – Important Information
Each WisdomTree Digital Fund (each, a “Digital Fund”) invests at least 80% of its assets in either fixed income securities (e.g., U.S. Treasuries) or equity securities (e.g., U.S. listed stocks) as further described in each Digital Fund’s prospectus. Reference to “blockchain enabled” is meant to reflect the fact that each Digital Fund uses blockchain technology. The Digital Funds will not directly or indirectly invest in any assets that rely on blockchain technology, such as cryptocurrencies.
A blockchain is an open, distributed ledger that digitally records transactions in a verifiable and immutable (i.e., permanent) way using cryptography. A distributed ledger is a database in which data is stored in a decentralized manner. Cryptography is a method of storing and transmitting data in a particular form so that only those for whom it is intended can read and process it. A blockchain stores transaction data in “blocks” that are linked together to form a “chain”, and hence the name blockchain.
There are risks associated with investing, including possible loss of principal. Because each Digital Fund is new, it has no performance history. Blockchain technology is a relatively new and untested technology, with little regulation. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Potential risks also include vulnerability to theft, or inaccessibility, and future regulatory developments could affect its viability. For the Digital Funds investing in U.S. Treasury obligations, such obligations may provide relatively lower returns than those of other securities. Changes to the financial condition or credit rating of the U.S. government may cause the value to decline. Fixed income securities are subject interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed-income securities fall. For the Digital Funds investing in U.S. equity securities, the trading prices of U.S. equity securities fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire market, market segments, or specific issuers. The types of U.S. equity securities in which an applicable Digital Fund may provider relatively lower returns than those of other securities.
Cybersecurity attacks affecting a Digital Fund’s third-party service providers, the mobile phone application used to transact in Digital Fund shares, blockchain network, or the issuers of securities in which the Digital Fund invests may subject the Digital Fund to many of the same risks associated with direct cybersecurity breaches.
WisdomTree Digital Funds are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with WisdomTree nor any entity mentioned in the press release.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about WisdomTree’s ability to achieve its financial and business plans, goals and objectives, including with respect to its ability to successfully implement its strategy relating to digital assets and blockchain-based financial services, including WisdomTree Prime™, and other risk factors discussed from time to time in WisdomTree’s filings with the Securities and Exchange Commission (“SEC”), including those factors discussed under the caption “Risk Factors” in its most recent annual report on Form 10-K, filed with the SEC on February 28, 2023, and in subsequent reports filed with or furnished to the SEC. These forward-looking statements are based on WisdomTree’s management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside WisdomTree’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements included in this release speak only as of the date of this release. WisdomTree does not undertake any obligation to update its forward-looking statements to reflect events or circumstances after the date of this release except as may be required by the federal securities laws.
Category: Business Update
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