The Avanti startup announced the closing of its Series A funding round, in which it raised $37m to launch a digital-asset bank. Total funding raised since inception stands at $44m.
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The round included a number of individual investors, as well as Binance.US, Coinbase Ventures, Morgan Creek Digital, Susquehanna Private Equity Investments and other institutions.
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Avanti’s sole placement agent was PJT Partners.
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The capital raised will be used to build the regulatory capital required for the bank’s launch, as well as to create the infrastructure and cover operating costs.
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“We thank our investors for helping Avanti build a bank of a new type that serves Bitcoin, and also offers meaningful API capabilities for transactions in US dollars to technically savvy clients,” said Avanti founder and CEO Kaitling Long.
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She noted that the road map includes offering payment services, issuing a tokenised dollar named Avit, and providing custody services for Bitcoin and other digital assets.
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Since the announcement of obtaining the bank’s charter in October 2020, the startup has received more than 2,500 inquiries from potential clients and expects to start serving them by the end of the year, Long added.
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According to her, further details about the bank’s launch will be disclosed by Avanti in the near future.
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In September 2020, the Kraken exchange became the first cryptocurrency-industry player in the United States to obtain bank status.
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