WisdomTree Inc. announced it has appointed The Bank of New York Mellon Corporation as its core banking-as-a-service (BaaS) infrastructure provider for WisdomTree Prime®?, the firm's retail platform for tokenized assets and cryptocurrency. The collaboration between the two firms cements WisdomTree as BNY's first retail digital assets BaaS client. WisdomTree Prime is the first app to provide access to tokenized funds to U.S. retail investors with stablecoin on and offramps via WisdomTree's stablecoin conversion service.
For the industry, the relationship facilitates a critical expansion in services for users seeking access to tokenized real-world assets (RWA). Users can leverage the WisdomTree Prime platform to invest in tokenized RWA and will gain the ability to support onchain transfers across tokenized funds and select stablecoins, including USDC and PYUSD, as these capabilities are introduced. This latest expansion of the WisdomTree Prime platform introduces new capabilities that allow crypto native users to remain onchain and seamlessly access WisdomTree's diversified range of tokenized RWA, including digital funds and onchain gold.
Through the collaboration with BNY, users have access to BNY's leading banking functionality, in addition to blockchain rails, enabling on and offramp capabilities between the traditional banking system and the app as they become available. WisdomTree and BNY have a long-standing relationship, with BNY serving as administrator, custodian, and sub-adviser on select WisdomTree funds, as well as the reserve custodian and banking partner for its USDW stablecoin. BNY also continues to provide its expertise in investment management and custody across WisdomTree's products for tokenized RWA.
The relationship also enables institutional users on WisdomTree Connect?? to harness the capabilities of existing payment rails to power their investing, reserve management and treasury operations.
