Caitlin Long’s Crypto Bank Avanti Planning for an October Launch

Avanti, the Wyoming-based crypto-focused bank, has announced on Thursday that its application for a bank charter was accepted as complete by the state’s banking division.

The application timeline has also been accelerated, and the bank is now eying to launch its services in October this year.

Unveiled last February, Avanti is led by Caitlin Long, a former Wall Street executive and a well-known Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term legislation advocate. The bank was registered with $1 million in seed funding and later raised $5 million from several participants in an angel round.

“Our charter application incorporates truly novel ideas that have received detailed scrutiny from multiple regulators,” Long said in a statement.

Notably, the bank will focus only on the institutional client base and will provide an array of services including payment, custody, securities, and commodities activities.

An internal digital currency in development

The official blog post also detailed a new product of Avanti - a digital asset called Avit, and the bank is looking at it as a “the Stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term disruptor.”

The bank explained that the digital asset cannot be seen as a security, and it falls more to the likes of cash. It will be issued under the legal framework of the US commercial laws.

The digital currency can be programmed using an API and “is designed for use by institutional traders and corporate treasurers when they prefer a real-time payment settlement solution in US dollars.”

It will challenge the delayed settlement and cutback issues of traditional payment solutions and will ensure fast and reliable transactions between its clients.

“I’m thrilled that the OCC yesterday followed Wyoming in allowing banks to provide custody for digital assets,” Long said, mentioning the recent decision of allowing US banks to offer crypto custody. “Wyoming has been developing its digital asset custody initiative for two years and already has a comprehensive framework and supervisory process in place, which does not exist elsewhere.”