Avanti

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Avanti Financial Group
Avanti-bank.png
Founded 2020
Headquarters Cheyenne, Wyoming
Key People Caitlin Long, founder, CEO; Bryan Bishop, co-founder, chief technology officer; Britney Reddy, co-founder, chief of banking operations and chief financial officer; Zev Shimko, co-founder, chief operating officer; Chuck Thompson, co-founder, chief compliance officer and chief legal officer
Employees 2-10
Products Cryptocurrency bank
Twitter @AvantiBT
LinkedIn Profile
Website Avanti Bank Home

Avanti is a cryptocurrency-centric bank in the state of Wyoming.[1] Avanti was founded by Caitlin Long, who worked on Wall Street for 22 years at Morgan Stanley, Credit Suisse, and Salomon Brothers.[2]

History

Caitlin Long announced the founding of Avanti Bank in Wyoming during a podcast with Nathaniel Whittemore on CoinDesk on February 24, 2020. The bank is to have full reserves of customer deposits.[3]

In March 2020, Avanti Financial Group announced its leadership team. Avanti also announced that it planned to open its doors in early 2021.[4]

In June 2020, Avanti Financial Group announced the close of a $5 million angel funding round led by the University of Wyoming Foundation. Other contributors included Morgan Creek Digital, Blockchain Capital, the Digital Currency Group, and others.[5]

The bank announced on July 23 that its application had been accepted as complete by the Wyoming Division of Banking on July 15, 2020 and that Avanti expected to launch in October.[6]

On October 28, 2020, Avanti announced it had gained approval from the Wyoming State Banking Board, giving it a bank charter, which gives Avanti Bank & Trust the same powers as national banks in its approved business lines. Avanti's announcement said that with the charter, Avanti plans on launching a USD-backed stablecoin called Avit, digital asset custody services, online banking services (where customer deposits must be backed 100 percent by Avanti's reserves), "prime services for digital assets," though the announcement was not specific about what this might entail. The announcement also said commercial accounts "with high minimum balance requirements" will launch in early 2021.[7][8]

Products and Services

Avanti is to have full reserves of customer deposits. Wyoming's cryptocurrency custody law creates a bailment for deposits rather than surrender of ownership or control.[9]

In a blog post on July 23, 2020, Avanti said that it would introduce a new payments product, Avit, which would allow banks to settle cryptocurrency payments among themselves as well as between banks and institutional customers in real time.[10]

Key People

  • Caitlin Long - co-founder, CEO
  • Bryan Bishop - co-founder, chief technology officer
  • Britney Reddy - co-founder, chief of banking operations and chief financial officer
  • Zev Shimko - co-founder, chief operating officer
  • Chuck Thompson - co-founder, chief compliance officer and chief legal officer

References