Avanti Financial raised $ 37 million to launch a cryptocurrency bank

Avanti Financial raised $ 37 million to launch a cryptocurrency bank


2021-03-27 14:51:11

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Avanti Financial Group announced that it had raised $ 37 million within Series A, bringing the company closer to launching as a digital asset bank.

In a March 25 announcement, Avanti announced that it would use the proceeds to fund the funding round for the bank’s launch, in addition to funding development and other operating expenses. The round of funds raised the total amount raised to 44 million USD.

Participants in this round include institutional investors: Coinbase Ventures, Binance.US, Morgan Creek Digital, Madison Paige Ventures, AP Capital and Susquehanna Private Equity Investments, in addition to individuals including Trace Mayer and one Avanti’s operator and director number. The University of Wyoming Foundation also contributed to this funding round.

Avanti was founded in 2020 as a Wyoming bank designed to serve as a regulatory compliance bridge between a US dollar payment system and digital assets. The company first acquired banking status from the state of Wyoming in October 2020 and is the second crypto company to become a bank after Kraken Financial, which received a banking charter in September. the same year.

Founder, CEO of Avanti Financial, Caitlin Long said the company has received more than 2,500 inquiries from customers in the country since the announcement of the approval of the bank’s charter and wishes to start serving clients. later this year. While he didn’t reveal any details about the launch date, the CEO mentioned that a fully regulated and dollar-pegged stablecoin is underway.

Our roadmap includes the provision of API-based US dollar payment services for wire, ACH and SWIFT; issue an encrypted and programmable US dollar called Avit; and custody and on- / off-ramp services for bitcoin and other digital assets

In an interview in September 2020, Caitlin Long confirmed that Avanti has no intention of becoming an exchange and will only be available to institutional investors.

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