Avanti Receives Bank Charter From Wyoming State Banking Board
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Avanti Receives Bank Charter From Wyoming State Banking Board

October 29, 2020      Jafrin Ahmed

Avanti has received a bank charter from Wyoming State Banking Board, becoming the second chartered crypto bank in the U.S., followed by Kraken. Although, Avanti needs to follow certain conditions such as raising enough capital before it is fully granted with a certificate of authority.

Receives Banking Charter Under the Leadership of Caitlin Long

Avanti Financial Group was founded by the former managing director of Morgan Stanley, Caitlin Long. In its announcement release on Oct. 28, Caitlin stated:

“We will provide products and services that do not exist in the market today. Currently the only type of U.S. financial institution that can provide final and simultaneous settlement of trades between digital assets and the U.S. dollar—because it is the only type currently approved to handle both within the same legal entity—is a Wyoming special-purpose depository institution like Avanti.”

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Last year, Wyoming passed a blockchain legislature catering to the flourishing of digital assets firms in the state. Caitlin herself was part of the Wyoming Blockchain Task Force and played a key role in the effective implemetation of the bill in Wyoming. Finally, in July, the Wyoming Division of Banking accepted Avanti’s application to operate as a banking charter.

Avanti Bank & Trust Can Now Operate As a Crypto Bank

Above all, Avanti now comes as a direct competition with Kraken Financial that received its own bitcoin banking charter in September. Both the crypto-friendly banks are planning to begin their operation by early 2021. Under the new regulation, Avanti can operate as a crypto bank under the name Avanti Bank & Trust.

Wyoming State Banking Board also announced that the new Bank charter is approved for issuance of Avit, redeemable at par with the US dollar. The tokenized dollar will be initially issued on Bitcoin’s Liquid sidechain, also on the Ethereum blockchain with later on moving to other blockchains as well.

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Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.