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Avanti Bank & Trust was granted a banking charter from the Wyoming State Banking Board today following a unanimous vote, according to a company announcement.
“Avanti’s mission is to provide a compliant bridge between traditional and digital financial systems, with the most stringent level of institutional custody standards,” said Caitlin Long, founder and CEO of Avanti who led the defense efforts of the company. blockchain in Wyoming, in the announcement. “We will provide products and services that don’t exist on the market today. Currently the only type of US financial institution capable of providing final and simultaneous settlement of exchanges between digital assets and the US dollar – as it is the only type currently approved to manage both within the same legal entity – is an institution of Wyoming’s special deposit as Avanti. Wyoming has the only US regulator with a banking supervision and regulation program for digital assets that is nearing completion. “
This approval follows a similar green light for Kraken, one of the largest cryptocurrency exchanges in the world, which received approval from the state of Wyoming to perform some of the functions of a private bank in September 2020.
Avanti has approval to issue a tokenized US dollar called avit, which it plans to launch on the Bitcoin Liquid sidechain, as well as Ethereum. It is unclear if or when it will support products directly linked to Bitcoin.
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