After Kraken, Avanti Granted the License to Become a Crypto Bank by Wyoming State Regulator

Avanti can now accept 100% backed customer deposits and be a qualified custodian for digital assets. A stablecoin called Avit is in the plans too.

The first one was Kraken, and now another crypto bank is here. The Wyoming State Banking Board granted Avanti Bank & Trust a bank charter with 8-0 votes that give it the same powers as national banks. With this, Avanti can now provide custody service for digital assets as a qualified custodian and deposit customer funds that are 100% backed by reserves.

Avanti is also planning to launch its tokenized US dollar called Avit, for which a patent is pending. The stablecoin is planned to be issued on both Liquid, a Bitcoin sidechain, and Ethereum initially, with other blockchains to follow in the future based on customer demand and network security.

The crypto bank will start providing commercial accounts in early 2021, followed by other accounts with a high minimum balance. Caitlin Long, Avanti’s founder, and CEO said,

“Avanti’s mission is to provide a compliant bridge between the traditional and digital asset financial systems, with the strictest level of institutional custody standards.”

“Wyoming has the only U.S. regulator with a bank supervisory and regulatory program for digital assets that is near completion.”

As a bank, Avanti will fully comply with the Bank Secrecy Act, anti-money laundering, and OFAC-related laws, rules, and regulations.

Also Read: Kraken Gets Approval in Wyoming to Become America’s First Crypto Bank

More Reading: Kraken’s Crypto Bank Is “An Accident Waiting to Happen,” says Bank Policy Institute

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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