WisdomTree has appointed The Bank of New York Mellon Corporation (BNY) as its BaaS infrastructure provider for WisdomTree Prime, its retail platform for crypto and tokenised assets.
WisdomTree is a global financial services provider, delivering a suite of ETPs, models, and digital asset-related solutions. The alliance between the two firms has WisdomTree as BNY’s first retail digital assets BaaS client, with WisdomTree Prime being the first app to offer access to tokenised funds to US retail investors.
BaaS infrastructure for digital assets
For the industry, this means the expansion of services for users looking for access to tokenised RWA investments. Clients using the platform can gain the ability to support onchain transfers across tokenised funds and choose stablecoins, such as USDC and PYUSD, as these features are rolled out.
The latest upgrade of the app introduced capabilities that allow native users to remain onchain and access WisdomTree’s tokenised RWA, including digital funds and onchain gold. Additionally, users will have access to BNY’s banking functionality, allowing them to leverage on and offramp capabilities between the traditional banking system and the app.
The two companies have a history of working together, with BNY being an administrator, custodian, and sub-adviser on certain WisdomTree funds, and the reserve custodian and banking partner for the company’s USDW stablecoin. The bank also offers its expertise in investment management and custody across WisdomTree’s products for tokenised RWA.
With this partnership, institutional users on WisdomTree Connect can leverage the features of existing payment rails and drive their investing, reserve management, and treasury workflows. As stablecoins and tokenised assets are increasingly offering new user experiences across multiple applications in financial services, BNY aims to deliver trust and reliability as WisdomTree is expanding its platform. The bank is committed to acting as the bridge between TradFi and digital assets.
