Avanti Financial Joins Kraken as a Wyoming-Approved Crypto Bank
Blockchain pioneer Caitlin Long is now the CEO of her own special purpose depository institution (SPDI) in Wyoming.
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Crypto startup Avanti Financial Group has been granted a license to offer banking services by the Wyoming State Banking Board. The license, or bank charter, means Avanti can now operate as a conventional bank – but one with a twist, capable of holding both crypto and dollars. It plans to launch in 2021. According to a statement published Oct. 28, the firm will also now be able to take custody of crypto assets like bitcoin while its plan for the creation of Avit, a tokenized US dollar, has been given the go ahead. The company’s application for a bank charter was accepted in....
The Wyoming State Banking Board voted unanimously to grant Avanti a bank charter. According to an Oct. 28 announcement from Avanti, The Wyoming State Banking Board voted 8-0 to grant the financial institution a bank charter. The approval will allow Avanti to operate the new crypto-friendly bank under the name Avanti Bank & Trust as well as its “tokenized U.S. dollar” Avit, designed to modernize USD payments. Avanti said it planned to open for customers in early 2021, but will be limited to high minimum balance accounts. Retail clients will have to wait. "Avanti's process from company....
Avanti Bank has been granted a bank charter in Wyoming and will offer a tokenized USD on Liquid. The post Avanti Bank Launches appeared first on Bitcoin Magazine.
The digital asset bank will be aimed at institutional investors only, and there is no exchange planned. The Avanti Financial Group has announced that it has raised $37 million in a Series A round, bringing the company closer to launch as a digital asset bank.In a March 25 announcement, Avanti stated that it will use the proceeds to fund the required regulatory capital needed for launch, in addition to funding development and other operating expenses. The round brings the total amount raised to $44 million.Participants in the round are a who’s who of institutional investors including....
Avanti already has a special purpose bank charter in Wyoming, but they want more. The digital-asset-focused organization is applying to become a Federal Reserve member bank. If granted, Avanti will be subject to the “very same regulatory capital, compliance and supervisory examination standards that apply to traditional banks.” That goes in line with how they […]