WisdomTree, Inc. (NYSE:WT), a global financial innovator, today announced that it has appointed The Bank of New York Mellon Corporation (“BNY”) (NYSE:BK), a global financial services company, as the primary banking-as-a-service (BaaS) infrastructure provider for WisdomTree Prime, the platform retail and crypto company.
The partnership between the two companies cements WisdomTree as BNY’s first BaaS digital asset retail client. WisdomTree Prime is the first application to provide access to tokenized funds to US retail investors with active and stablecoin offramps through WisdomTree’s stablecoin conversion service.
For the industry, the relationship facilitates a critical expansion of services for users seeking access to real-world assets (RWA). Users can leverage the WisdomTree Prime platform to invest in Tokenized RWA and will be able to support onchain transfers to tokenized funds and select stablecoins, including USDC and PYUSD, as these features roll out.
This latest expansion of the WisdomTree Prime platform introduces new features that allow native crypto users to remain onchain and have seamless access to WisdomTree’s diversified range of Tokenized RWAs, including digital funds and onchain gold. Through the partnership with BNY, users have access to BNY’s leading banking functionality in addition to blockchain rails, allowing on and offframp capabilities between the traditional banking system and the app as they become available.
“As digital assets continue to converge with traditional finance, BNY is committed to serving as the bridge that supports this transformation,” said Jennifer Barker, Global Head of Treasury Services and Depositary Receipts at BNY. “Our work with WisdomTree highlights how BNY’s infrastructure and proven track record of reliability and scale can help power the next generation of financial services.”
WisdomTree and BNY have a long-standing relationship, with BNY acting as manager, custodian and sub-adviser to select WisdomTree funds, as well as reserve custodian and bank partner for its USDW stablecoin. BNY also continues to provide its investment management and custody expertise across all of WisdomTree’s industry leading products for RWA brands. The relationship also enables institutional users of WisdomTree Connect™ to leverage the capabilities of existing payment rails to power their investment, reserve management and treasury functions.
“Stablecoins and tokenized assets are unlocking new user experiences across a range of financial services use cases. BNY is a leader for banks partnering with stablecoin issuers and brings unparalleled trust and credibility as we develop our platform,” said Will Peck, Head of Digital Assets at WisdomTree. “We are proud of our long history with BNY and excited about this next chapter, facilitating the growth of onchain financial services.”