{"id":39619,"date":"2021-03-26T09:56:56","date_gmt":"2021-03-26T07:56:56","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=39619"},"modified":"2025-08-30T10:35:08","modified_gmt":"2025-08-30T07:35:08","slug":"avanti-raises-37m-ahead-of-digital-asset-bank-launch","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/avanti-raises-37m-ahead-of-digital-asset-bank-launch\/","title":{"rendered":"Avanti raises $37m ahead of digital-asset bank launch"},"content":{"rendered":"<p>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.<\/p>\n<figure class=\\\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\\\">\n<div class=\\\"wp-block-embed__wrapper\\\"><\\n\n\n<blockquote class=\\\"twitter-tweet\\\" data-width=\\\"500\\\" data-dnt=\\\"true\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">NEWS: <a href=\\\"https:\/\/twitter.com\/AvantiBT?ref_src=twsrc%5Etfw\\\">@AvantiBT<\/a> announces completion of our Series A capital raise, bringing the total raised to date to $44m as we prepare for digital asset bank launch. Round was upsized twice due to market demand. We&#8217;re hiring (bank ops, finance, engineering)-join us!<a href=\\\"https:\/\/t.co\/blnsBTvzk9\\\">https:\/\/t.co\/blnsBTvzk9<\/a> <a href=\\\"https:\/\/t.co\/5mp673d30t\\\">pic.twitter.com\/5mp673d30t<\/a><\/p>\n<p>\u2014 Custodia Bank \u2122 (@custodiabank) <a href=\\\"https:\/\/twitter.com\/custodiabank\/status\/1375127905903108097?ref_src=twsrc%5Etfw\\\">March 25, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n<\/div>\n<\/figure>\n<p>\\n\\n\\n\\n<\/p>\n<p>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.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Avanti&#8217;s sole placement agent was PJT Partners.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The capital raised will be used to build the regulatory capital required for the bank&#8217;s launch, as well as to create the infrastructure and cover operating costs.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cWe 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,\u201d said Avanti founder and CEO Kaitling Long.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>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.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Since the announcement of <a href=\"https:\/\/forklog.com\/en\/news\/crypto-startup-avanti-caitlin-longs-venture-gains-u-s-bank-status\">obtaining the bank&#8217;s charter in October 2020<\/a>, 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.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>According to her, further details about the bank&#8217;s launch will be disclosed by Avanti in the near future.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>In September 2020, <a href=\"https:\/\/forklog.com\/en\/news\/kraken-becomes-the-first-us-crypto-exchange-to-obtain-spdi-status\">the Kraken exchange<\/a> became the first cryptocurrency-industry player in the United States to obtain bank status.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Follow ForkLog news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Facebook<\/a>.<\/p>\n<p>\\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Avanti startup announced the closing of its Series A funding round, during which it raised $37m to launch a digital-asset bank. Total funding raised since inception stands at $44m.<\/p>\n","protected":false},"author":1,"featured_media":39620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2003,1229,26,1133],"class_list":["post-39619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-avanti","tag-banks-and-fintech","tag-usa","tag-venture-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"116","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/39619","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=39619"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/39619\/revisions"}],"predecessor-version":[{"id":39621,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/39619\/revisions\/39621"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/39620"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=39619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=39619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=39619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}