The financial group Avanti announced an increase of 37 million dollars in the first round, and brought the company closer to the launch as a digital asset bank.
In an announcement dated March 25, Avanti said it will use the proceeds to finance the regulatory capital required for the launch, in addition to financing developments and other operating expenses. This brings the total amount raised in the round to $ 44 million.
Tour participants are institutional investors, including Coinbase Ventures, Binance.US, Morgan Creek Digital, Madison Paige Ventures, AP Capital and Susquehanna Private Equity Investments, as well as individuals including Trace Mayer and some Avanti executives and executives. The University of Wyoming Foundation also contributed to the funding round.
Avanti was founded in 2020 as a Wyoming bank to serve as a bridge between USD payment systems and compatible digital assets. The company first received Wyoming bank charter status in October 2020 and became the second crypto company to become a bank after Kraken Financial, which received a bank charter in September of the same year.
Avanti Financial’s founder and CEO Caitlin Long says the company has received more than 2,500 inquiries from domestic customers since the announcement of the bank charter, and hopes to start serving customers later this year. He did not reveal details about the launch date, but mentioned that a fully dollar-denominated stable coin is under development.
Our roadmap includes the provision of API-based payment services in US dollars for bank transfers, ACH and SWIFT; Issuance of programmable dollar tokens called Avit; In addition to services for storing bitcoins and other digital assets and more. ”
In an interview with Cointelegraph in September 2020, Caitlin Long confirmed that Avanti will not become a stock exchange and will only be aimed at institutional investors.
Early Bitcoin owner and founder Trace Meyer, who formed the consortium that led Avanti Series A, said that Avanti is very well positioned to meet the need for legally compatible operators in the digital asset industry as markets evolve.