Avanti Financial, a US-based financial services provider, announced that it has raised $37 million in its Series A funding round ahead of the launch of a cryptocurrency bank. Several family offices, institutional investors and cryptocurrency companies participated in the latest funding round.
According to the official announcement, Avanti is planning to use the latest funds for the company’s regulatory capital requirements and its other operating expenses. Avanti has raised a total of $44 million since its inception.
The cryptocurrency services provider highlighted the participation of several institutional investors in the Series A funding round, including 1843 Capital, AP Capital, Banca del Ceresio, Binance US, Coinbase Ventures, ECMC Group, Equity Management Associates, Greybull Stewardship, Hard Yaka, HashKey, Holon Global Investments, Lemniscap, Madison Paige Ventures and Morgan Creek Digital.
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Commenting on the recent announcement, Caitlin Long, Founder and CEO at Avanti Financial Group, said: “We thank our investors for helping Avanti build a new breed of bank that services cryptocurrency Bitcoin and also offers meaningful API capabilities for US dollar transactions to tech-savvy customers. We have received more than 2,500 inbound customer inquiries since announcing receipt of our bank charter in October 2020, and we look forward to being able to service customers later this year. We expect to provide more details about our launch soon.”
Finance Magnates earlier reported about Avanti’s $5 million funding round in 2020.
Growing Cryptocurrency Market
The digital asset ecosystem has grown significantly in the last few years. Avanti became the latest cryptocurrency services provider to raise funds for expansion. Anchorage, a US-based cryptocurrency custodian, recently announced the raise of $80 million in a Series C funding round led by Singapore’s sovereign wealth fund, GIC.
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