Crypto startup Avanti, Caitlin Long’s venture, gains U.S. bank status

The Wyoming Banking Board unanimously approved Avanti’s charter and business plan, granting it official financial-institution status.

AVANTI IS OFFICIALLY A BANK! Our charter & business plan were approved 8-0 today, incl. #Avit (a tokenized US dollar, which we announced we’ll issue initially on #Liquid (#Bitcoin sidechain) & #Ethereum. Open for commercial customers early Q1. More here:https://t.co/CgNazN08zV

— Avanti Bank & Trust (@AvantiBT) October 28, 2020

According to the statement, Avanti received in its approved lines of business the same powers as national banks.

The startup’s business plan envisages offering online banking services, launching a custody service for digital assets, and a tokenized dollar variant called Avit.

Initially, Avanti plans to issue Avit on the Bitcoin sidechain Liquid in collaboration with Blockstream, as well as on the Ethereum network. In the future, the startup will consider launching a stablecoin on other blockchains.

Founder and CEO Caitlin Long noted that currently the only type of financial institutions that provide final settlements between digital assets and dollars in the United States are Wyoming’s special-purpose depository institutions. The startup operates under this status.

“In Wyoming, there is the only US regulator with a program for banking supervision and regulation of digital assets, which is nearing completion,” Long added.

To peg Bitcoin to money – how a single state can become a trendsetter in the United States

Earlier, the state regulator granted Kraken bank status.

Earlier this year, Caitlin Long registered Avanti in January.

Follow ForkLog news on Telegram: ForkLog Feed — the full news stream, ForkLog — the most important news and polls.