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 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
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.