Millions of Dollars Flow Into Funding Crypto Companies; Digital Asset Bank Avanti, Raises $37 Million
“The offering was upsized twice due to market demand,” in its Avanti Bank’s Series A capital funding.
In the ongoing bull market, crypto companies are raising millions of dollars every other day.
Money is flowing into companies dealing with digital assets, and the latest one is Avanti Bank & Trust.
The digital assets bank announced the completion of its Series A capital funding in which it raised $37 million, bringing the total raised capital to date to $44 million.
“The offering was upsized twice due to market demand,” noted the start-up digital asset bank.
Series A shareholders included a global mix of institutional investors, family offices, and cryptocurrency companies like Binance.US, Coinbase Venture, Morgan Creek Digital, Susquehanna Private Equity Investments, The University of Wyoming Foundations, and many others.
“As Bitcoin and digital asset markets mature and financialization network effects take root, there is a tremendous need for both well-crafted laws and experienced, competent operators,” said Trace Mayer, who participated in Series A fund raising.
In its official announcement, Caitlin Long, Avanti's founder, and CEO shared the bank’s plan to offer API-based U.S. dollar payment services for wires, ACH, and SWIFT and issuance of tokenized, programmable U.S. dollar called Avit along with custody and on-/off-ramp services for digital assets.
Since receiving its bank charter in Oct. 2020, it has received over 2,500 inbound customer inquiries.
In the month of March, we saw the money flowing in huge numbers:
- Blockchain.com, which raised $300 million at a $5.2 billion valuation,
- Decentralized project Covalent raising another $2 million,
- Derivatives trading platform Vega raising $5 million,
- $23 million by NFT marketplace OpenSea,
- $133 million by Fireblocks at a $1.8 billion valuation,
- Bitpanda raised $170 million,
- DeFi lending protocol Alchemix raising $4.9 million,
- Crypto exchange aggregator OpenOcean raised $2 million,
- Decentralized service protocol Automate network was funded for $1 million,
- Ethereum 2.0 staking protocol StakeWise received funding of $2 million,
- Rewards-focused startup Eco got $26 million,
- Bitcoin Rewards App Lolli raised $5 million,
- CoinSmart crypto exchange raised $3.5M
All of this has happened only in March so far.