Key Takeaways
- • BitGo Bank & Trust, an OCC-regulated digital asset trust bank and subsidiary of BitGo Holdings (NYSE: BTGO), will let eligible institutional clients access the WisdomTree Treasury Money Market Digital Fund (WTGXX) directly through BitGo Mint.
- • Clients can subscribe to, redeem, hold and transfer WTGXX shares and move between USD, supported stablecoins and fund shares without separately onboarding with WisdomTree.
- • Eligible holders can reallocate beneficial interests in WTGXX peer-to-peer between BitGo clients via Go Network, BitGo's settlement network.
- • The launch extends an existing relationship in which BitGo acts as an institutional custodial partner for WisdomTree's digital asset ETPs in Europe.
- • WisdomTree states that collateral use, peer-to-peer transfers and certain stablecoin services may not be available at launch, and that timing remains subject to change.
Summary
BitGo Bank & Trust, National Association, announced that eligible institutional clients will be able to access the WisdomTree Treasury Money Market Digital Fund (WTGXX or the Fund) directly through BitGo Mint, the platform within its custody and settlement infrastructure. The integration brings a tokenized, yield-bearing government money market fund onto a platform where BitGo clients already custody, settle and manage digital assets, avoiding the need to move assets across separate providers.
According to the announcement, clients will be able to move between cash and WTGXX on-platform and submit purchase and redemption instructions through BitGo Bank & Trust without separately onboarding with WisdomTree. WTGXX joins BitGo Mint's existing supported assets, including USD1 and SoFiUSD. BitGo Bank & Trust customers holding WTGXX shares will also be able to reallocate beneficial interests peer-to-peer among eligible BitGo clients through Go Network.
BitGo CEO and Co-founder Mike Belshe said institutions should not have to move assets across multiple platforms to access tokenized financial products. Will Peck, Head of WisdomTree Onchain, said the integration would let clients access treasury yield, maintain operational liquidity and potentially use their holdings as collateral, though he noted that collateral and other services may not be available at launch.
The launch also deepens the relationship between the two firms. BitGo already serves as one of the institutional-grade custodial partners for WisdomTree's digital asset ETPs in Europe, storing the underlying cryptocurrencies in cold storage. On-platform support for WTGXX extends that relationship to direct access for BitGo customers.
BitGo Bank & Trust provides shareholder servicing and sub-accounting for WTGXX under a Shareholder Servicing Agreement with WisdomTree Digital Management, Inc., but is not the Fund's distributor or investment adviser. WTGXX shares are not bank deposits, are not FDIC-insured and are not guaranteed, and the Fund seeks to maintain a $1.00 per share value without guarantee. WisdomTree cites approximately $174.4 billion in global assets under management, inclusive of Ceres Partners, LLC, as of the last reportable period.
According to the announcement, clients will be able to move between cash and WTGXX on-platform and submit purchase and redemption instructions through BitGo Bank & Trust without separately onboarding with WisdomTree. WTGXX joins BitGo Mint's existing supported assets, including USD1 and SoFiUSD. BitGo Bank & Trust customers holding WTGXX shares will also be able to reallocate beneficial interests peer-to-peer among eligible BitGo clients through Go Network.
BitGo CEO and Co-founder Mike Belshe said institutions should not have to move assets across multiple platforms to access tokenized financial products. Will Peck, Head of WisdomTree Onchain, said the integration would let clients access treasury yield, maintain operational liquidity and potentially use their holdings as collateral, though he noted that collateral and other services may not be available at launch.
The launch also deepens the relationship between the two firms. BitGo already serves as one of the institutional-grade custodial partners for WisdomTree's digital asset ETPs in Europe, storing the underlying cryptocurrencies in cold storage. On-platform support for WTGXX extends that relationship to direct access for BitGo customers.
BitGo Bank & Trust provides shareholder servicing and sub-accounting for WTGXX under a Shareholder Servicing Agreement with WisdomTree Digital Management, Inc., but is not the Fund's distributor or investment adviser. WTGXX shares are not bank deposits, are not FDIC-insured and are not guaranteed, and the Fund seeks to maintain a $1.00 per share value without guarantee. WisdomTree cites approximately $174.4 billion in global assets under management, inclusive of Ceres Partners, LLC, as of the last reportable period.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.