Copied


Caitlin Long's Avanti Crypto Bank Raises $5 Million Funding Round, Inches Closer to Banking Charter Approval

Nicholas Otieno   Jun 04, 2020 09:00 3 Min Read


Avanti Financial Group, the crypto-focused bank, led by the Caitlin Long University of Wyoming Alumna, has taken another important step towards becoming a chartered crypto bank in the country. Caitlin Long is the founder and CEO of Avanti bank.

Caitlin Long Blockchain.News.jpg

Seeking green light from watchdog

The crypto bank has raised an angel round worth $5 million from several popular investors in cryptocurrency. The University of Wyoming Foundation led the funding round with partnerships from Malex Enterprises, Lemniscap, Antony Pompliano, Morgan Creek Digital, Blockchain Capital, Madison Paige Ventures, Gary Gigot, Digital Currency Group, Susan B. Anthony, and many others.

As part of the funding round, the chief investment officer at the University of Wyoming, Phillip Treick, will take a seat on the bank’s board of directors. Treick stated that the University of Wyoming Foundation’s investment committee voted to invest in Avanti because they see significant potential growth for digital assets.

The investment committee sees a critical need for institutional-quality infrastructure to support such a new asset class, and it believes in the capability of Long’s team to deliver it.

Long said that the funding round was oversubscribed just from incoming inquiries alone. She added, “I’m especially proud of the brand support Avanti received from Wyoming-based organizations and individuals.”

Long mentioned that means Avanti is adequately funded to get its way through the process of applying for a charter application. The bank was registered in January and it is still in the process of applying for a bank charter.

The institution submitted the first draft of its application with the regulator last week. She stated that the bank plans to open for business in early 2021.

Long revealed that the bank will still have to raise additional funds if it is granted a charter, and it is still working with regulators to understand what amount of capital would be. She mentioned that for now, the bank has adequate funds to go through the application process with the Wyoming Division of Banking.

First crypto-native bank to be launched in the United States by former Wall Street executive

Caitlin Long has been a strong voice within the crypto community. She is known for her push to bring cryptocurrency legislation as she was one of the prominent members to shape the cryptocurrency regulations within the US state of Wyoming. 

Earlier this year, Long first launched Avanti that aims to focus its services only to the institutional client base and will offer securities, custody, payment, and commodities activities. The bank was set up with a $1 million seed funding.

The initial funding was raised when the institution is still in the process of getting a bank charter from the US authorities. The bank has already submitted its first draft of the charter application process last week. With the additional funding currently raised, the bank is set to move even further towards opening its business early next year.

 

Image via Harvard Law Today


Read More