Avanti Financial raises $37 million to launch an institutional cryptocurrency bank.
The digital asset bank will only target institutional investors, and there is no exchange in the plan.
According to Cointelegraph, a cryptocurrency media outlet, Avanti Financial announced that it has successfully raised $37 million in the Series A round, allowing it to be launched as a digital asset bank.
In an announcement on the 25th, Avanti said it would use the proceeds as regulatory capital needed to open a cryptocurrency bank, in addition to development funds and other operating expenses. The total amount raised through the round amounted to $44 million.
In addition to institutional investors such as Coinbase Ventures and Binance, some of the executives and directors of Trace Mayer and Avanti, as well as Morgan Creek Digital, Madison Page Ventures, AP Capital, and Susquehanna Private Equity.
The University of Wyoming Foundation also contributed to fundraising this round.
Caitlin Long, founder and CEO of Avanti Financial, said the company has received more than 2,500 customer inquiries since the announcement of approval to launch a cryptocurrency bank, and is looking forward to launching customer service later this year.
She hasn’t given details about the launch date, but foretells that the launch of a fully regulated dollar-free stablecoin is in full swing.
“Our roadmap includes * on ACH (American Automatic Exchange and Settlement System) and SWIFT (International Bank Interbank Communication Agreement). API It provides a base US dollar settlement service, and includes the issuance of tokenized and programmable US dollars called Avit, as well as the storage and on/off ramp (outside) services of Bitcoin and other digital assets.”
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In an interview with Cointelegraph in September last year, Caitlin Long said that Avanti has no intention of becoming an exchange, and that it intends to be a place only for institutional investors.
Trace Meyer, an early Bitcoin adopter and entrepreneur who formed Avanti’s leading partner in Series A, said Avanti is in a very good position to address the need for legally compliant entrepreneurs that will emerge in the digital asset industry as the market matures.