WisdomTree, a global financial innovator, announced the ability for users to select the WisdomTree Government Money Market Digital Fund (WTGXX) as a spending source for their WisdomTree Prime Visa® Debit Card.

While, traditionally, a low to no yield checking account is used to fund debit card spend, WisdomTree Prime users can now tap their yield bearing money market fund balances to fund debit card spending¹. WTGXX investors can earn income, with a current 7-day yield of 4.60%² until the WTGXX shares are sold to fund spending, strengthening the connection between spending and yield-bearing investments.

WisdomTree Prime connects a liquid on-chain investment to spending capabilities, which unlocks utility of real world asset (RWA) tokenization in a new, unique way for eligible customers. Consumers can get the potential benefits of their own cash via an investment in WTGXX, all within WisdomTree Prime’s modern platform that integrates saving, spending and investing to offer greater control and choice in their financial lives.

“The purpose of WisdomTree Prime from its genesis has always been to empower consumers with choice. In this case, rolling out the capability to link our money market Digital Fund to our debit card gives users choice in how they put their money to work,” said Will Peck, Head of Digital Assets at WisdomTree. “We all have a traditional checking account that generally isn’t doing us any favors. By connecting a yield-earning asset directly to our spending functionality, users can fund their daily purchases all within the app with the funding mechanism potentially earning yield every single day via a WTGXX investment until the investment is sold to facilitate spending.”

Additional products and capabilities are scheduled to become available within the app on a rolling basis.

For more information on the WisdomTree Prime Visa® Debit Card available through WisdomTree Prime, please visit wisdomtreeprime.com. WisdomTree Prime is currently available in the Apple App Store and Google Play across 45 states in the U.S.

Source: WisdomTree

WisdomTree Prime now offering ability for digital money market fund to be used as funding source for Visa debit card…

In other words, a *yield-bearing* on-chain investment can fund normal daily spending.

Another step down path towards a fully tokenized future. pic.twitter.com/brIxu5cieE

— Nate Geraci (@NateGeraci) October 10, 2024

BNY Appointed by WisdomTree to Provide ETF Servicing, Custody, Accounting, Fund Administration and Securities Lending across U.S.-listed Products

The Bank of New York Mellon Corporation, a global financial services company, announced it has been appointed by WisdomTree, a global financial innovator, to provide[1] custody, accounting, fund administration, ETF services and securities lending across its U.S.-listed ETFs, totaling $80.7 billion[2] in assets under management. BNY has also been awarded fund accounting and administration of WisdomTree’s Bitcoin ETF and suite of tokenized funds.

WisdomTree is expanding its long-standing relationship with BNY as a sub-advisor and distributor of its ETFs, to now support additional growth initiatives across models, digital assets and retail distribution. By drawing on BNY’s unique role across the financial ecosystem and expertise partnering with clients to transform their operating model, WisdomTree will also gain scale and efficiencies.

“This is a great example of how BNY is bringing together solutions from across our enterprise to create an operating and distribution support model that will help accelerate WisdomTree’s ongoing growth and innovation story, delivering value to their funds,” said Emily Portney, Global Head of Asset Servicing at BNY. “We’re thrilled to deepen our relationship with WisdomTree to now provide them with a front-to-back solution from sub-advisory through to fund administration and investor servicing, digital assets support and distribution.”

Source: BNY