The Avanti crypto bank or the Avanti Financial Group, a crypto bank formed by one of US’ most pro-crypto politicians, Caitlin Long, has managed to raise $5 million in its angel round funding, an official press release reported on Tuesday.
The University of Wyoming Foundation spearheaded this funding round for the Cheyenne-based corporation along with other prominent venture capital firms like Mark Yusko-led Morgan Creek Digital, blockchain-centric investment firm Blockchain Capital, and digital currency market VC Digital Currency Group.
Avanti crypto bank sets sail on long journey
Avanti crypto bank founder and CEO, Caitlin Long, began this entrepreneurial venture with a moonshot mission to give her country its first native crypto bank that eventually emerges as the crucial piece of infrastructure to the US markets. She hopes to form a robust and compliant bridge between the US dollar payments system and digital currencies custodian services.
The successful completion of the recently conducted angel funding round implies that she is one step closer to her mission. Following this round, Avanti crypto bank now positions itself to procure a bank charter from the Wyoming Division of Banking.
Once approved, the charter will open doors to a host of new services like crypto payments, custodian, securities, and commodities operations for institutional users of virtual currencies in the US.
Tapping into evolving crypto market in US
Avanti crypto bank founder and a Wall Street veteran Long said in her announcement that the digital asset industry in the US is evolving, and the new venture aims to comply with the highest and most stringent regulatory standards to restore the trust and faith in this industry.
“Becoming the only regulated crypto bank in the US will present numerous opportunities for the firm to grow and serve the expanding interests of the crypto traders and holders.”
Commenting on the success of the latest funding round, Long said that given the magnitude of the support they have received so far, the firm was confident that it would be able to procure the desired capital injection.
“A large number of institutional investors want to see this infrastructure up and running soon. We are overwhelmed by the demand and the backing received from Wyoming-based corporations, VCs, and individuals.”
Philip Treick, CIO of the University of Wyoming Foundation, remarked that cryptocurrency contributions had been a significant part of the donations received so far. However, it comes with its own set of logistical challenges, and Avanti crypto bank aims to address precisely that issue.
“We are really hoping for Avanti crypto bank to streamline the entire cryptocurrency donations process and help our foundation to stay focused on our blockchain initiatives.”