Avanti Announces Plans For ‘Stablecoin Disruptor’ Designed To Modernize U.S. Dollar Payments
Avanti Announces Plans For ‘Stablecoin Disruptor’ Designed To Modernize U.S. Dollar Payments
July 25, 2020
Avanti Announces Plans For ‘Stablecoin Disruptor’ Designed To Modernize U.S. Dollar Payments
Avanti Announces Plans For ‘Stablecoin Disruptor’ Designed To Modernize U.S. Dollar Payments
July 25, 2020

Avanti Bank & Trust has announced plans for a ‘stablecoin disruptor’ that is designed to modernize U.S. dollar payments.

According to a July 23 announcement, Avanti said that the payment instrument- ‘Avit,’ is not a security and predicted it “will likely be treated as a cash equivalent” by regulators.

Avit will be programmable via Avanti’s API and believes Avit will see adoption among:

“institutional traders and corporate treasurers,” while describing the monetary commodity as:

“a real-time payment settlement solution in US dollars that does not suffer from the delayed settlement and chargeback issues of traditional payment solutions, or the legal, accounting, and tax issues of stablecoins.”

Avanti also revealed that the Wyoming Division of Banking has accepted its application for a bank charter on July 15, bringing the targeted launch date for its banking business forward to October of this year.

ALSO READ :  ICC Launches Carbon Council To Drive Liquidity In Carbon Markets Through Blockchain

Avanti CEO and Wall Street veteran, Caitlin Long said:

“Our charter application incorporates truly novel ideas that have received detailed scrutiny from multiple regulators’

“It is the culmination of an enormous effort by Avanti’s fantastic team — several thousand hours of planning and work with regulators, and hundreds of pages of supporting policies, procedures and documentation.” 

Long also expressed delight with the U.S. Office of the Comptroller of the Currency’s July 22 announcement permitting federally chartered banks to custody crypto assets:

Long says that Wyoming had a massive lead over rival states in making it happen, having already spent two years “developing its digital asset custody initiative”:

ALSO READ :  Binance Issues A New Token “ONT-33D” Backed By Ontology

“The OCC and 49 other states do not yet have in place the comprehensive legal structure necessary for enabling digital asset custody without significant legal risk..They also do not have a roadmap for courts to adjudicate disputes involving digital assets and do not provide the certainty in bankruptcy that Wyoming provides for digital asset custodians.”


Source: Cointelegraph | Image: Unsplash

Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
Share This

Share This

Share this post with your friends!