Caitlin Long's Crypto Bank Avanti Raises $5M, Marking An Important Milestone Towards Banking Charter Approval

Avanti Groups initially oversubscribed Angel investment round demonstrated the value behind the infrastructure it intends to build

  • 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.

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.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[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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