Caitlin Long’s Crypto Bank Avanti Raises $5 Million
- The bank was registered in January and is in the process of applying for a bank charter.
Avanti Financial Group, the crypto-focused bank backed by Caitlin Long, has announced on Tuesday the closure of a $5 million angel round.
The University of Wyoming Foundation led the funding round with participation from Morgan Creek Digital, 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 tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. 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 tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term Capital, Digital Currency Group, Lemniscap, Madison Paige Ventures, and Malex Enterprises, among others.
Commenting on the funding, Long said: “We are building critical infrastructure for the digital asset industry at Avanti, and the magnitude and mix of our support underscore that multiple camps want to see this infrastructure built. Our round was significantly oversubscribed just from incoming inquiries alone, and I'm especially proud of the broad support Avanti received from Wyoming-based organizations and individuals.”
Bringing banking to crypto
Long is a strong voice in the crypto community and is known for her push to bring crypto legislation as she was one of the key members to shape the crypto regulations in the US state of Wyoming.
She first unveiled Avanti earlier this year focusing its services only to the institutional client base and will provide payment, custody, securities, and commodities activities. It was set up with a $1 million seed funding.
The fresh capitals were raised when the bank is still in the process of obtaining a bank charter from the United States authorities. It has already submitted its first draft last week.
“The Investment Committee voted to invest in Avanti because we see significant growth potential for digital assets, we see an acute need for institutional-quality infrastructure to support this new asset class, and we believe in the ability of Caitlin's team to deliver it,” Philip Treick, chief investment officer of the University of Wyoming Foundation, said.
“UW has already benefited significantly from cryptocurrency donations but we have faced real logistical challenges in accepting them. We are confident Avanti can simplify and streamline the process for donors making it easier to raise even more money to support UW's blockchain efforts, including our WyoHackathon, which have already gained UW worldwide recognition.”
Avanti Financial Group, the crypto-focused bank backed by Caitlin Long, has announced on Tuesday the closure of a $5 million angel round.
The University of Wyoming Foundation led the funding round with participation from Morgan Creek Digital, 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 tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. 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 tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term Capital, Digital Currency Group, Lemniscap, Madison Paige Ventures, and Malex Enterprises, among others.
Commenting on the funding, Long said: “We are building critical infrastructure for the digital asset industry at Avanti, and the magnitude and mix of our support underscore that multiple camps want to see this infrastructure built. Our round was significantly oversubscribed just from incoming inquiries alone, and I'm especially proud of the broad support Avanti received from Wyoming-based organizations and individuals.”
Bringing banking to crypto
Long is a strong voice in the crypto community and is known for her push to bring crypto legislation as she was one of the key members to shape the crypto regulations in the US state of Wyoming.
She first unveiled Avanti earlier this year focusing its services only to the institutional client base and will provide payment, custody, securities, and commodities activities. It was set up with a $1 million seed funding.
The fresh capitals were raised when the bank is still in the process of obtaining a bank charter from the United States authorities. It has already submitted its first draft last week.
“The Investment Committee voted to invest in Avanti because we see significant growth potential for digital assets, we see an acute need for institutional-quality infrastructure to support this new asset class, and we believe in the ability of Caitlin's team to deliver it,” Philip Treick, chief investment officer of the University of Wyoming Foundation, said.
“UW has already benefited significantly from cryptocurrency donations but we have faced real logistical challenges in accepting them. We are confident Avanti can simplify and streamline the process for donors making it easier to raise even more money to support UW's blockchain efforts, including our WyoHackathon, which have already gained UW worldwide recognition.”