Caitlin Long’s Crypto Bank Avanti Raises $5M, Marking An Important Milestone Towards Banking Charter Approval
- Avanti Financial Group closes its angel investment round led by Wyoming University foundation, raising $5 million.
- According to Avanti CEO, this was enough to help them sail through the charter application process. 2021 timeline has been set to obtain approval and commencement of operations.
The Avanti Financial group has announced the end of its funding round, having raised close to $5 million in angel investor funding, marking milestones in their journey towards obtaining a banking charter.
“This announcement means Avanti is sufficiently funded to get through the process of applying for a charter application.”
Wyoming University Foundation took charge of the funding round, with involvement from Morgan Creek Digital, Blockchain Capital, Digital Currency Group, Lemniscap, Madison Paige Ventures, Malex Enterprises, Susan B. Anthony, LLC amongst other fintech and crypto enthusiasts.
The Avanti Financial group was launched by Blockchain proponent – Caitlin Long – in February this year. It is currently in the process of acquiring a banking charter from Wyoming authorities that will greenlight them to service the digital asset industry. The CEO set a 2021 deadline by which they should have received charter approval and commenced operations.
According to CEO and founder, Caitlin Long, they received an overwhelming response from the crypto community, with the round being oversubscribed. Long was particularly impressed that other like-minded parties shared the vision of the cutting edge infrastructure that her company was building.
“We are building critical infrastructure for the digital asset industry… the magnitude and mix of our support underscore that multiple camps want to see this infrastructure built.”
Long was, however, keen to highlight that they would require additional funds if their application is to sail through. Citing that they had been liaising with industry overseers in the region to get an approximate figure of how much capital would suffice. They have already submitted the first draft of the applications awaiting a response from the authorities.
— Avanti Bank & Trust (@AvantiBT) June 2, 2020
UW CIO Allotted Seat in Avanti Board
Philip Treick, University of Wyoming Foundation’s CIO, was allocated a board seat at Avanti seemingly to represent UW’s interests. Treik believes that his company voted to fund Avanti because they deemed the infrastructure crucial to this new asset class. He also highlighted the challenges they were encountering while receiving donations in crypto that were crucial to their Blockchain efforts.
Meanwhile, from the beginning of next month, Insurance companies based in Wyoming will be able to trade and feature crypto assets in their investment portfolios.