Sirlibz
Avanti, a digital asset bank, has announced that it has received a bank charter from Wyoming State Banking Board through a voted 8-0 grant. This grant would allow Avanti to wield the powers as national banks in it’s approved business lines.
“Avanti’s mission is to provide a compliant bridge between the traditional and digital asset financial systems, with the strictest level of institutional custody standards,” said Caitlin Long, Avanti’s founder and chief executive officer. “We will provide products and services that do not exist in the market today. 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—because it is the only type currently approved to handle both within the same legal entity—is a Wyoming special purpose depository institution like Avanti. Wyoming has the only U.S. regulator with a bank supervisory and regulatory program for digital assets that is near completion.”
Some Avantis business plans approved include several products and services like a Tokenized U.S dollar called AVIT, custody services for digital assets as a qualified custodian under the Investment Advisers Act, API-based online banking services. This would allow customers to deposit to be 100% backed by reserves. The bank plans to offer commercial accounts in early 2021 and other accounts with high minimum balance requirements after it.
The digital tokenized U.S dollar called Avit is said to be designed to solve problems that have been recognized within the legal payment systems faced by traders, investors and corporate treasurers. Legal, accounting and Tax issues are believed to be solved by this “stable coin disruptor” as it is nicknamed.
Avanti plans to issue out Avit initially on both Ethereum blockchain and Liquid, a side chain of Bitcoin blockchain, in coordination with Blockstream. The token will be launched on other Blockchains later in the future based on the demands of customers and it’s research on security. The bank will fully comply with all applicable Bank safety secrecy Act, anti-money laundering and OFAC-related laws, rules and regulations.
