Avanti To Operate New Crypto-Friendly Bank Under The Name Avanti Bank & Trust
Avanti To Operate New Crypto-Friendly Bank Under The Name Avanti Bank And Trust
October 31, 2020
Avanti To Operate New Crypto-Friendly Bank Under The Name Avanti Bank & Trust
Avanti To Operate New Crypto-Friendly Bank Under The Name Avanti Bank And Trust
October 31, 2020

A report said that Avanti to operate the new crypto-friendly bank under the name Avanti Bank & Trust as well as its “tokenized US dollar” Avit, designed to modernize USD payments, as the Wyoming State Banking Board voted 8-0 to grant the financial institution a bank charter. 

It has been reported that Avanti said that it planned to open for customers in early 2021, but will be limited to high minimum balance accounts. Retail clients will have to wait. 

Caitlin Long, the founder and CEO of Avanti, said:

“Avanti’s process from company formation to application to charter is lightning fast. Typically bank charters take 1-2 years from start to finish, but ours took 10 months. We recognize that time is of the essence and we needed to move fast, since the crypto market moves quickly.”

Long added:

“Wyoming’s regulators are the only bank regulators that have a supervisory and regulatory oversight program nearly in place. All other states, and the OCC [Office of the Comptroller of the Currency], are not yet ready to supervise banks engaging in digital asset activities.”

However, the Wyoming Division of Banking first accepted Avanti’s application for a bank charter in July, shortly before the bank announced it would be releasing Avit.

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The firm stated it would issue Avit on Bitcoin’s Liquid sidechain as well as the Ethereum (ETH) blockchain and will consider issuing it “on other blockchains in the future.”

Thus, in September, Kraken received a Wyoming bank charter, making it the first cryptocurrency business allowed to operate as a bank in the United States.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.