- Avanti has gained approval to debut a crypto bank in Wyoming.
- This becomes the second crypto-friendly banking institution in the US.
The concept of the crypto bank is gradually gaining ground in the United States, particularly in the state of Wyoming. Recently, the leading digital currency exchange Kraken was approved by the state’s authorities to establish a crypto-friendly financial institution. Today, Avanti Financial has equally gained approval from the authorities to launch the second bank.
Avanti becomes US second crypto bank
According to recent information, the Wyoming State Banking Board greenlighted the company to establish its crypto bank in the state without any objection. Avanti gained the bank charter approval from the board after an 8-0 supporting vote. Following the crypto bank, Avanti intends to provide several digital currency-related services, including online banking and assets custody services.
Additionally, the crypto bank will provide a stablecoin dubbed AVIT. The token will be pegged equally with the United States dollar. Avanti claimed that its AVIT token is a “stablecoin disruptor,” adding that it will address certain regulatory issues with other stablecoins that pertain to accounting, taxation, and regulation. The AVIT stablecoin will be launched on Bitcoin’s Liquid sidechain, Ethereum, and other blockchains.
More path to adoption
By launching a crypto bank, Avanti plans to bridge the huge gap between digital assets and traditional financial systems. According to the CEO of Avanti, Caitlin Long, the banking institution will debut with an adequate standard of custody for assets. The bank is also positioned to launch unique crypto-related products and services, which aren’t available in the market.
This is a welcomed development for the crypto industry, as the United States gains its second crypto-friendly financial institution. This came after Avanti raised about $5 million from angel investors to spearhead the initiative. Meanwhile, Kraken was the first entity to gain approval to launch a bank in Wyoming state, US.