Caitlin Long, a former Wall Street executive and blockchain legislation advocate, is taking steps to set up the first crypto-focused bank in the United States.
Announced by Long on Twitter, the bank will be named Avanti, meaning “forward” in Italian. She is now preparing to apply for a special purpose depository institution (SPDI) charter with Wyoming’s division of banking.
2/ Co-founder/team news soon. I’ve founded @AvantiBT w/ key support from top people in #crypto + important innovators from traditional finance. Seed funding round recently closed. Avanti will serve institutional customers that need services around #Bitcoin & #cryptoassets.
— Caitlin Long 🔑 (@CaitlinLong_) February 24, 2020
“A critical piece of US mkt infrastructure is missing—a regulated #bank that can act as bridge to Fed for pymts + custody #crypto for BIG institutional money (pensions/endowmts/foundtns/corps/sov wealth) who need this b4 entering #crypto in a big way. Regulation had blocked it,” Long wrote in a long series of tweets.
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Filling the gap of crypto banking services
The bank will focus its services only to the institutional client base and will provide payment, custody, securities, and commodities activities. It was registered on January 6 and has already raised $1 million in a seed funding round.
Known for her push to bring crypto legislation, Long was one of the key members to shape the crypto regulations in the US state of Wyoming.
The bank has partnered with Blockstream for its services and will be based in Wyoming.
She also acknowledged the strict requirements for SPDIs as the regulations mandate these institutions always to maintain 100 percent of their deposits, otherwise a part of which could be used for other financial services like lending.
Long also detailed that the bank will stay “protocol neutral” and allow services with all digital currencies.
“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,” she added.