WisdomTree, a well-known service provider in the ETF and exchange-traded products segment, has chosen the Stellar protocol to host its new investment application. Traditional financial service providers are looking for ways to strike a balance with the nascent cryptocurrency industry, and now WisdomTree is set to release a new app dubbed WisdomTree Prime.
WisdomTree Prime based on codebase blockchain Stellar (XLM)will be used to invest in multiple asset classes, including stocks, gold, and bitcoin (BTC).
WisdomTree Prime chose the Stellar blockchain as it will provide fast transaction confirmation for many investment options for the new application. According to a demo shown to US media center Axios, the Prime app works just like many other pre-existing investment or personal finance apps.
The WisdomTree Prime app has graphics and descriptions of the various products listed on the platform, as well as a portfolio tracker.
The platform will charge transaction fees, but no details have been released yet. While it is to be welcomed that the new WisdomTree platform can help investors expand their portfolio by acquiring BTC, it should be noted that bitcoins purchased through the app can only stay inside the system. At the moment, they cannot be sent to an external wallet.
The developers have confirmed that they are already working on bringing connectivity features to the WisdomTree Prime app. According to the official website of the Prime app, the platform is a blockchain-based financial application built on the principles of choice, transparency, and inclusiveness of decentralized finance (DeFi). The focus is on offering customers a comfortable and well-designed experience. In particular, the platform aims to provide consumers with a safe, transparent and easy-to-use way to spend, save and invest their money.