WisdomTree has announced the launch of a new financial application called WisdomTree Prime, which combines cryptocurrencies, digital funds, and tangible assets such as gold. The company aims to provide users with a seamless and straightforward investment experience by integrating dollars, gold, cryptocurrencies, and funds into a shared infrastructure.
The app allows users to buy and sell Bitcoin and Ethereum, as well as nine digital funds offered by WisdomTree. The company maintains a secondary record of investor ownership for the shares of digital funds on the Stellar or Ethereum blockchains.
WisdomTree utilizes tokenization technology to tokenize dollars, gold ounces, and blockchain units, transferring value across the blockchain. The company employs the decentralized cryptocurrency platform Stellar DEX to facilitate gold trading within the app, relying on the issued tokens to enhance customer liquidity.
WisdomTree hopes that the presence of dollars, gold, cryptocurrencies, and funds on a shared infrastructure will “disrupt investment and financial experience” and make them more accessible. The company aims to deliver a more focused and simplified experience compared to traditional brokers and other cryptocurrency service providers.
The news also highlights the financial industry’s interest in cryptocurrency investment, as evidenced by BlackRock’s application for a license to launch a Bitcoin exchange-traded fund. WisdomTree has made previous attempts to launch a similar product and renewed its efforts in June.
One of WisdomTree’s digital asset funds with a short-term horizon was approved last year, and company officials have affirmed that blockchain-based digital portfolios represent the future of asset management.