{"id":30885,"date":"2020-10-29T09:53:22","date_gmt":"2020-10-29T07:53:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=30885"},"modified":"2025-08-28T00:30:12","modified_gmt":"2025-08-27T21:30:12","slug":"crypto-startup-avanti-caitlin-longs-venture-gains-u-s-bank-status","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/crypto-startup-avanti-caitlin-longs-venture-gains-u-s-bank-status\/","title":{"rendered":"Crypto startup Avanti, Caitlin Long&#8217;s venture, gains U.S. bank status"},"content":{"rendered":"<p>The Wyoming Banking Board unanimously approved Avanti&#8217;s charter and business plan, granting it official financial-institution status.<!--more--><\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">AVANTI IS OFFICIALLY A BANK! Our charter &#038; business plan were approved 8-0 today, incl. <a href=\\\"https:\/\/twitter.com\/hashtag\/Avit?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Avit<\/a> (a tokenized US dollar, which we announced we\u2019ll issue initially on <a href=\\\"https:\/\/twitter.com\/hashtag\/Liquid?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Liquid<\/a> (<a href=\\\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Bitcoin<\/a> sidechain) &#038; <a href=\\\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Ethereum<\/a>. Open for commercial customers early Q1. More here:<a href=\\\"https:\/\/t.co\/CgNazN08zV\\\">https:\/\/t.co\/CgNazN08zV<\/a><\/p>\n<p>\u2014 Avanti Bank &#038; Trust (@AvantiBT) <a href=\\\"https:\/\/twitter.com\/AvantiBT\/status\/1321546835232632832?ref_src=twsrc%5Etfw\\\">October 28, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>According to the statement, Avanti received in its approved lines of business the same powers as national banks.<\/p>\n<p>The startup&#8217;s business plan envisages offering online banking services, launching a custody service for digital assets, and a tokenized dollar variant called Avit.<\/p>\n<p>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.<\/p>\n<p>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&#8217;s special-purpose depository institutions. The startup operates under this status.<\/p>\n<blockquote>\n<p>\u201cIn Wyoming, there is the only US regulator with a program for banking supervision and regulation of digital assets, which is nearing completion,\u201d Long added.<\/p>\n<\/blockquote>\n<blockquote class=\\\"wp-embedded-content\\\" data-secret=\\\"BulMX36hsv\\\">\n<p>To peg Bitcoin to money \u2013 how a single state can become a trendsetter in the United States<\/p>\n<\/blockquote>\n<p><iframe loading=\\\"lazy\\\" class=\\\"wp-embedded-content\\\" sandbox=\\\"allow-scripts\\\" security=\\\"restricted\\\" style=\\\"position: absolute; visibility: hidden;\\\" title=\\\"\u201cTo peg Bitcoin to money \u2013 how a single state can become a trendsetter in the United States\u201d \u2014 ForkLog\\\" src=\\\"https:\/\/forklog.com\/exclusive\/priravnyat-bitkoin-k-dengam-kak-otdelno-vzyatyj-shtat-mozhet-stat-zakonodatelem-trendov-v-ssha\/embed#?secret=A2RRHnzswO#?secret=BulMX36hsv\\\" data-secret=\\\"BulMX36hsv\\\" width=\\\"500\\\" height=\\\"282\\\" frameborder=\\\"0\\\" marginwidth=\\\"0\\\" marginheight=\\\"0\\\" scrolling=\\\"no\\\"><\/iframe><\/p>\n<p>Earlier, the state regulator <a href=\"https:\/\/forklog.com\/en\/news\/kraken-becomes-the-first-us-crypto-exchange-to-obtain-spdi-status\">granted<\/a> Kraken bank status.<\/p>\n<p>Earlier this year, Caitlin Long registered Avanti in January.<\/p>\n<p>Follow ForkLog news on Telegram: <a href=\\\"https:\/\/t.me\/forklogfeed\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">ForkLog Feed<\/a> \u2014 the full news stream, <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Wyoming Banking Board unanimously approved Avanti&#8217;s charter and business plan, granting it official financial-institution status.<\/p>\n","protected":false},"author":1,"featured_media":30886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2003,1229,2004,26],"class_list":["post-30885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-avanti","tag-banks-and-fintech","tag-kaitlin-long","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"30","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=30885"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30885\/revisions"}],"predecessor-version":[{"id":30887,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30885\/revisions\/30887"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/30886"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=30885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=30885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=30885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}