The US regulated crypto bank, Avanti Financial Group has announced plans to launch a new US crypto bank. The bank aims to cater to solutions for digital assets.
Avant Financial Groups’ Founder and Chief Executive Officer, Caitlin Long, declared the news on her twitter page.
1/ INTRODUCING AVANTI BANK, a new US #bank to serve #digitalasset industry, offering new products & svcs not currently available in USD mkts along w/ tech partner @Blockstream. #Wyoming-based. We’re preparing long process of charter application & aim to open early 2021. @AvantiBT pic.twitter.com/fpnN6qBBhW
— Caitlin Long 🔑 (@CaitlinLong_) February 24, 2020
More on the Digital Assets Bank
The institution is making arrangements to acquire a banking license from the Wyoming Division of Banking. After approval, Avanti plans to kick off its journey by early 2021.
Avanti Financial Group had raised $1 million in a recently closed funding round. It has partnered with Blockstream, the leading software company focused on the Bitcoin protocol. Long clarified that Avanti will also provide services for other cryptocurrencies and digital assets.
Long said, “A crucial step in the digital asset industry’s evolution is the formation of a new bank dedicated to bridging digital assets with the US dollar payments system in a compliant manner, and the provision of custodial services that meet the strictest institutional standards.”
Long further added, “This critical piece of industry infrastructure does not exist in the US yet, and creating it will unlock many new products and services around digital assets that only a regulated US bank can provide directly.”
Avanti Financial Group will fully comply with all applicable federal know-your-customer, anti-money laundering, and related laws, as well as with Wyoming’s SPDI and digital asset laws. It will also meet the strictest consumer protections in the digital asset industry.