WisdomTree, a leading asset manager, has taken a significant step into the world of decentralized finance (DeFi) with the launch of its digital asset app, WisdomTree Prime, in New York. This move marks a major milestone for the company, despite opposition from its largest shareholder, Graham Tuckwell, who has expressed concerns over the firm's push into DeFi.

WisdomTree Prime, which offers users access to bitcoin, Ethereum, dollar, and gold tokens, has been available in 21 states since July and has received a charter to operate as a limited-purpose trust company under New York Banking law. The app allows users to save, spend, and invest in digital assets on-chain using the Stellar and Ethereum blockchains.

Will Peck, head of digital assets at WisdomTree, highlighted the company's strong momentum in the digital asset space, including new fund launches, payment capabilities, and collaboration with regulators. However, CEO Jonathan Steinberg faces pressure from shareholders, particularly Tuckwell, who has urged investors to vote against his reappointment due to the firm's DeFi initiatives.

Despite this opposition, WisdomTree has established itself as a dominant player in the crypto space, launching its first bitcoin exchange-traded product in 2019 and becoming one of the 10 issuers of a spot bitcoin ETF in the US this year. The fund has seen significant inflows, although less than its competitors.

The launch of WisdomTree Prime in New York marks a significant step forward for the company's DeFi ambitions, despite shareholder opposition. As the crypto and DeFi landscape continues to evolve, WisdomTree's move into this space is likely to have a lasting impact on the industry.