Skip to main content

Crypto Startup Avanti Receives License To Operate as National Bank in Wyoming

Crypto startup Avanti Financial Group has been granted a license to offer banking services by the Wyoming State Banking Board.

The license, or bank charter, means Avanti can now operate as a conventional bank – but one with a twist, capable of holding both crypto and dollars. It plans to launch in 2021.

According to a statement published Oct. 28, the firm will also now be able to take custody of crypto assets like bitcoin while its plan for the creation of Avit, a tokenized US dollar, has been given the go ahead.

The company’s application for a bank charter was accepted in July, reports The Block. Avanti is the second crypto firm to become a bank after Kraken Financial, a unit of U.S. crypto exchange Kraken.

Avanti founder and chief executive officer, Caitlin Long, said “currently the only type of U.S. financial institution that can provide final and simultaneous settlement of trades between digital assets and the U.S. dollar is a Wyoming special purpose depository institution like Avanti.”

Avanti plans to issue Avit initially on both Liquid – a sidechain of the Bitcoin blockchain – and Ethereum. The company claims its tokenized U.S. dollar is “designed to solve the legal, accounting and tax issues of stablecoins.”

As a bank, Avanti will be required to fully comply with the Bank Secrecy Act, anti-money laundering and OFAC-related laws, rules and regulations.

What do you think about Avanti gaining a bank charter? Let us know in the comments section below.

The post Crypto Startup Avanti Receives License To Operate as National Bank in Wyoming appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2TA5Ni7

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more