Avanti Financial raises $ 37 million to launch institutional crypto bank

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

In a March 25 announcementAvanti said it will use the proceeds to fund regulatory capital required for the launch, in addition to development funding and other operating expenses. The round brings the total amount raised to $ 44 million.

Participants in the round are a host of institutional investors including Coinbase Ventures, Binance.US, Morgan Creek Digital, Madison Paige Ventures, AP Capital and Susquehanna Private Equity Investments, in addition to individuals like Trace Mayer and some of the executives and directors of ‘Avanti. . The University of Wyoming Foundation also contributed to the roundtable.

Avanti was founded in 2020 as a Wyoming bank designed to serve as a regulatory-compliant bridge between U.S. dollar payment systems and digital assets. The company first obtained Wyoming State Banking Charter status in October 2020 and was the second crypto company to become a bank after Kraken Financial which received the Banking Charter in September of the same year.

Avanti Financial Founder and CEO Caitlin Long said the company has received more than 2,500 inquiries from inbound clients since announcing its banking charter approval and is looking forward to starting serving clients later. This year. She didn’t reveal any details on a launch date, but did mention that a fully regulated, dollar-indexed stablecoin was in the works.

“Our roadmap includes offering API-based US dollar payment services for wire transfers, ACH and SWIFT; the issuance of our tokenized and programmable US dollar called Avit; and custody and access / exit ramp services for bitcoin and other digital assets. “

In an interview with Cointelegraph in September 2020, Caitlin Long confirmed that Avanti does not intend to become an exchange and will be reserved for institutional investors.

The early adopters and entrepreneur of Bitcoin, Trace Mayer, who formed the consortium that led Avanti’s Series A, said Avanti is uniquely positioned to meet the need for law-compliant operators in the industry. digital assets as markets mature.