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Wednesday, July 12, 2023

Jono Hits Go On Tokenized Mutual Funds!

Reported by Sean Hanna, Editor in Chief

The long-awaited WisdomTree Digital funds [profile] are now live. William Peck, head of digital assets at WisdomTree confirmed the launch of the funds that use a secondary transfer agency record on the Stellar and Ethereum blockchains. The funds include the first two natively tokenized equity funds and seven fixed income funds that cover a broad range of durations.

Jonathan Laurence "Jono" Steinberg
WisdomTree Investments, Inc.
Before this launch, the only tokenized open-end mutual fund was offered by Franklin Templeton that has more than $300 million in assets. Arca also offers a tokenized interval fund investing in Treasury bonds that has fewer than $1 million in assets.

Peck said that WisdomTree plans to roll out new features over the coming months and expand access in additional states. Currently the funds are only available in 21 states. The app also allows users to purchase Bitcoin and Ether as well as tokenized gold and USD. The WisdomTree Digital funds are only available to investors using the WisdomTree Prime app, which is available in the Apple App Store and the Google Play store.

"The WisdomTree story began with ETFs because we saw how the structure's liquidity, transparency and tax efficiency created a better investing experience, disrupting the mutual fund industry, and laying the groundwork for our goal to make financial services as accessible and transparent as possible," stated Jonathan Steinberg, WisdomTree's founder and CEO. "Today, we see a similar opportunity: our compliance-forward approach and close collaboration with regulators over the years has equipped us to take the opportunity at hand to drive innovation within the digital ecosystem in a transparent and investor-friendly manner. We are on the precipice of a major shift in financial services, where blockchain-enabled finance will transform the industry as we see it today."

The launched funds include:
  • WisdomTree Short-Term Treasury Digital Fund (WTSYX)
  • WisdomTree 3-7 Year Treasury Digital Fund (WTTSX)
  • WisdomTree 7-10 Year Treasury Digital Fund (WTSTX)
  • WisdomTree Long Term Treasury Digital Fund (WTLGX)
  • WisdomTree Floating Rate Treasury Digital Fund (FLTTX)
  • WisdomTree TIPS Digital Fund (TIPSX)
  • WisdomTree 500 Digital Fund (SPXUX)
  • WisdomTree Technology and Innovation 100 Digital Fund (TECHX)
  • WisdomTree Short-Duration Income Digital Fund (WTSIX)

  • The funds use two transfer agency records. State Street maintains the primary record while a secondary record is recorded by WisdomTree's own transfer agent on either the Stellar or Ethereum blockchain. WisdomTree purchased its transfer agency arm from Securrency, which provided the technology for the platform and built the app.

    The funds are now available to investors in: Arizona, California, Delaware, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, New Jersey, Oklahoma, Oregon, Pennsylvania, Utah, Wisconsin, and Wyoming.

    Editor's Note: This article originally appeared on our sister publication CeFiWire

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