Caitlin Long is taking the growing legislature of Wyoming as a sure shot advantage to head forward to lay the foundation of a crypto bank in the US. The bank’s name is stated as “AVANTI” which is derived from the Italian language and is originally meant “forward” in Italian. Long is the former Wall Street Executive who assisted Wyoming to pass 13 laws enabling blockchain.
Long, tweeted earlier on 24th February 2020 with 29 other tweets in the series, making it official about Avanti’s establishment. According to her, there is a piece of US market that has been missing, which is basically a regulated bank that can act as a link towards the Federal Reserve for Payments and offer custody to institutional investors. Due to various regulatory reasons, activities like engaging in payment range, custody, securities and commodity activities are unavailable at US banks or any other trusted companies. Avanti plans to break this restriction and help the US from lagging behind from other countries that have regulated banks already serving financial institutions in a market that is growing swiftly.
According to the press release by Avanti Financial Group, Avanti has recently raised funding and is preparing an application to obtain a bank authority under Special Purpose Depository Institute (SPDI) law, from the Wyoming Division of Banking. Based on the approval process, Avanti plans to open up by 2021 next year.
The leading software company Blockstream that focuses on Bitcoin customs is providing strategic technology partnership to Avanti. The terms and conditions regarding the same are yet to be disclosed. As per the demand by the institutional customer warrants, Avanti aims to provide asset services to multiple digital asset protocols.
As stated in the press release by Avanti, The CEO and Co-founder of Blockstream Dr. Adam Back said,
This partnership combines the best in Bitcoin applications with the optimal regulatory vehicle for delivering products and services to institutional customers that require regulated providers. Blockstream’s platforms fit well with Wyoming’s property-rights centric digital asset laws, which will enable Avanti to introduce products into US dollar markets that do not exist today.
Long made it clear with a tweet on 24th February 2020 that Avanti will be protocol neutral. This will welcome all cryptocurrencies based on the client’s demands. Talking about it further she said,
STRANGE BEDFELLOWS because it’ll attract the best from the crypto & traditional worlds. I’m comfortable + have deep relationships in both worlds & I am equally comfy in NYC’s concrete canyons as in the wilds of Wyoming.
The Wyoming legislative body has various plans regarding blockchain initiatives, which will be brought into action later this year.
The Wyoming state representative and chairman of the Wyoming Blockchain Task Force Tyler Lindholm stated that,
Blockstream being able to partner with Caitlin Long is a big win for them. Ms. Long knows the charting process. She knows financial regulation inside and out.
