Wisdomtree CEO: We will be the first to put passive investing on the blockchain

Wisdomtree will be the first asset manager who brings passive investment in the blockchain, said the company's CEO, doubling previous statements about the upward movement of the company in the crypto area.

The fund group put $ 80 billion in managed assets for the first time this month, managers said during a conference call on Friday. The company plans to introduce its blockchain-native mobile app for financial services, Wisdomtree Prime, this year.

Jonathan Steinberg pointed out how important it was to be a pioneer and referred to Vanguard's pioneering work for passive systems within the wrapper for investment funds and black rocks Ishares that create the first comprehensive passive suite of ETFs

Vanguard manages assets of around $ 8 trillion, and Blackrock, the world's largest asset manager, has more than $ 2 trillion in its almost 400 US ETFs alone.

Steinberg said that practically all financial assets will finally get into the blockchain by token. Wisdomtree Prime should enable users to save, spend and invest crypto-assets such as Bitcoin and ether, blockchain-enabled funds and tokenized versions of physical assets such as gold.

Companies that do not adapt to the changing financial services landscape could be similar to newspaper companies that failed to use the power of the Internet, he added, or take -a -camera hunger, which were replaced by smartphones.

"There will be spectacular winners and many who are disturbed and excluded," said the CEO. "You can easily imagine a world in which many of today's leading financial services companies look like yesterday's newspaper companies."

Wisdomtree will start the beta test of his new app in the second quarter.

Steinberg said that owning a mobile financial app in 2023 will be "table operation". He noted that some investors Wisdomtree Prime will probably use as a neo-bank, while others will use it as a kind of registered investment consultant (RIA).

"Regardless of how different the consumers use it ... by the first time we are token the underlying risks and are embedded in our design in the blockchain, WisdomTree will offer a unique and better functionality," he said. "Nothing can potentially scale faster than a successful mobile app."

A look at future products

Will Peck, Head of Digital Assets at Wisdomtree, told Blockworks that the company intends to launch more products in Europe and to improve existing ones. He did not want to comment on details.

Wisdomtree added Solana, Cardano and Polkadot ETPs to various exchanges on the entire continent last month.

In the United States, Wisdomtree is one of many asset managers who apply for a spot bitcoin ETF. The company changed its application for the fund in December, a week after the SEC rejected its proposal.

managers in the industry are still not sure when the agency could approve a spot bitcoin ETF, although most believe that one will come onto the market at the earliest in 2023.

The company also

While the prospects for a Bitcoin ETF in the USA are "subdued", said Jarrett Lilien, President and Coo of Wisdomtree, during the conference call on Friday, the company introduced a strategy for separated accounts (SMA) for the US assets channel.

"Keep in mind that there are $ 30 trillion dollars in the US assets channel alone," said Lilien. "Even an allocation of 1 % to crypto in the United States alone would result in a market chance of $ 300 billion for crypto engagements, and the realistic opportunity to be many times away."

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The contribution Wisdomtree CEO: We will be first to bring passive investing to the blockchain is not a financial advice.