On March 25, Avanti Financial Group, a Wyoming bank announced the closing of its Series A financing round, which raised $37 million for the development of its project, the start-up digital asset bank. The collected capital will be used to fund Avanti’s required regulatory capital needed for launch, to fund engineering build and other operational expenses. The bank has raised a total of $44 million since its inception.
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
Avanti Bank & Trust, founded in 2020 is a Wyoming bank formed to serve as a compliant bridge to the U.S. dollar payments system, playing as a custodian of digital assets. The firm got its bank charter status in October 2020 from the state of Wyoming. The series A shareholders included a global mix of institutional investors, cryptocurrency companies along with multiple Avanti executives and directors. Prominent individual investors included Trace Mayer, Marcel Kasumovich, Rob Kauffman of Aldel Capital, and others.
Institutional investors namely 1843 Capital, Banca del Ceresio, Binance.US, Coinbase Ventures, Greybull Stewardship, Hard Yaka, HashKey, Morgan Creek Digital, PJT Partners, Slow Ventures, Susquehanna Private Equity Investments, The University of Wyoming Foundation, and others participated in the round as well.
As Bitcoin and digital asset markets mature and financialization network effects take root, there is a tremendous need for both well crafted laws and experienced, competent operators. When surveying the globe, in my opinion Wyoming best meets these needs generally, and the Avanti team specifically is among the most potent institutional-quality human capital. Avanti is extremely well positioned to competently answer questions that most in the industry have not even thought about yet.
There has been a lot of pawn movement in WY getting things in place. Now the queen comes out. 👍 https://t.co/SYqFHU3U5g — Trace Mayer (@TraceMayer) February 24, 2020
Being grateful to the investors, Caitlin Long, Avanti’s founder and chief executive officer said:
We thank our investors for helping Avanti build a new breed of bank that services Bitcoin and also offers meaningful API capabilities for U.S. dollar transactions to tech-savvy customers. Our roadmap includes offering API-based U.S. dollar payment services for wires, ACH and SWIFT; issuance of our tokenized, programmable U.S. dollar called Avit™*; and custody and on-/off-ramp services for bitcoin and other digital assets. We have received more than 2,500 inbound customer inquiries since announcing receipt of our bank charter in October 2020, and we look forward to being able to service customers later this year. We expect to provide more details about our launch soon.