Avanti Financial Group announced that they raised $ 37 million in the first round, bringing the company closer to launching as a digital asset bank.
In an announcement dated March 25, Avanti said it will use the proceeds to fund the regulatory capital required for the launch, in addition to funding development and other operating expenses. Thus, the total amount of the round was $ 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. The University of Wyoming Foundation also contributed to the funding round.
Avanti was founded in 2020 as a Wyoming bank to act as a regulatory bridge between US dollar payment systems and digital assets. The company first received bank charter status from Wyoming in October 2020 and became the second crypto company to become a bank after Kraken Financial, which received a bank charter in September of that year.
Avanti Financial founder and CEO Caitlin Long says the company has received more than 2,500 inquiries from domestic clients since the bank’s charter was announced and hopes to begin serving clients later this year. He did not reveal any details about the launch date, but did mention that a fully stable and pegged currency is in development.
Our roadmap includes the provision of API-based payment services for US dollars for transfers, ACH and SWIFT; Coded and programmable release of US dollars called Avit; And storage services for bitcoins and other digital assets and more. ”
In an interview with Cointelegraph in September 2020, Caitlyn Long confirmed that Avanti does not intend to become an exchange and will only target institutional investors.
Bitcoin early owner and founder Trace Meyer, who formed the consortium that led Avanti Series A, said Avanti is very well positioned to meet the need for legally compliant operators in the digital asset industry as markets evolve.