The best regulated crypto exchange
Find out why?
50 BTC prize pool!
Get your share!
I'm in

Asset manager WisdomTree plans launch of cryptocurrency

By Hugh Wilson

The regulated stablecoin will be pegged to a basket of physical assets

Crypto confident: Jonathan Steinberg, founder and CEO of WisdomTree API

New York-based asset management company WisdomTree Investments plans to launch its own regulated stablecoin, according to reports.

A stablecoin is a cryptocurrency pegged to a basket of assets, such as gold, fiat currencies or government debt.

The company refused to say if it had approached the US Securities and Exchange Commission (SEC) to approve and regulate the cryptocurrency, but admits that it hopes to be ahead of the game with regulated stablecoins.

“You want to be early,” said Jonathan Steinberg, founder and CEO of WisdomTree. “We came to ETFs (exchange-traded funds) 13 years after State Street. This gives us an opportunity to be ahead of the State Streets, Fidelitys, on regulated stablecoins.”

It’s thought that WisdomTree wants to use the stablecoin to allow access to traditional assets such as gold or property using blockchain.

WisdomTree clearly has confidence in the future of cryptocurrencies and blockchain. Earlier this month the company became the lead investor in a $17.7m (£13.6m, €15.9m) funding round for Securrency, a software company that uses blockchain to help banks and other financial institutions trade digital assets.

“There are numerous elements of blockchain technology that, when correctly applied, will bring benefits to investors,” Steinberg said at the time.

In addition, WisdomTree launched its first cryptocurrency product in December 2019, the WisdomTree Bitcoin ETP. The physically backed Bitcoin exchange-traded product is listed on the Swiss Stock Exchange.

FURTHER READING: Switzerland will continue to monitor stablecoins and blockchain

FURTHER READING: Facebook unveils Libra's second roadmap

Like to share your thoughts and ideas about crypto and trading? You could join us as an external author. Email us on [email protected] to find out how you could become a Currency.com contributor.
Subscribe to Currency.com news
iMac Image
The most beautiful trading app
google play storeapple store
iPhone Image
iPhone Image