Caitlin Long’s Avanti Raises $ 37 Million Ahead of Crypto Bank Launch

Crypto-bank Avanti has raised $ 37 million from Series A investors as it prepares to bring its digital banking operations online.

In a Press release, parent company Avanti Financial Group said Coinbase Ventures, Binance.US, Morgan Creek Digital, Slow Ventures, and the University of Wyoming Foundation, among others, participated in the round. Avanti raised $ 44 million in total, the group said.

Avanti said it would invest the funds to meet regulatory capital requirements and invest more in its engineering team. It was granted Special Purpose Depository Institution (SPDI) status in October, joining another Wyoming-based crypto company. Kraken as one of the few digital companies to have the banking charter.

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At the time, CEO Caitlin Long says CoinDesk that Avanti needed to raise more capital before it could receive a certificate of authorization to operate.

Avanti is preparing to launch later this year, Long said in the press release.

“Many people and crypto-native companies from all walks of life, exchanges, traders, lenders, banks and also a number of non-crypto companies have also actively contacted us because they understand [CTO] Bryan Bishop and his team have different capabilities “than traditional banks,” Long said in an interview.

Avanti’s final pre-launch task will be to obtain banking clearance from the Federal Reserve, Long said.

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“Plugging crypto directly into the US dollar payment system has never been done before,” she added.

“Many are looking at our legal requirement of $ 5 million, but I can tell you it’s actually way beyond that,” Wyoming Banking Division commissioner Albert Forkner told CoinDesk by e- mail. “The level announced by Avanti is in line with our expectations and with the other candidates. “

Update (March 25, 20:50 UTC): Add comments from Avanti’s Caitlin Long.

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