Avanti Bank & Trust today obtained a bank charter from the Wyoming State Banking Board after a unanimous vote, per an announcement from the company.
“Avanti’s mission is to provide a compatible bridge between traditional and digital asset financial systems, with the highest standards of institutional custody,” said Caitlin Long, Avanti founder and CEO. who has led blockchain advocacy in Wyoming, in the announcement. “We will provide products and services that are not currently on the market. Currently, the only type of US financial institution that can provide final and simultaneous settlement of transactions between digital assets and the US dollar – as this is the only type currently approved to handle both within the same legal entity – is a special depository in Wyoming such as Avanti. Wyoming has the only US regulator with a banking program for digital assets supervision and regulation nearing completion. “
This approval follows a similar green light for Kraken, one of the world’s largest cryptocurrency exchanges, which received approval from the State of Wyoming in September 2020 to perform a number of functions of a private bank.
Avanti is authorized to issue a tokenized US dollar called avit, which it plans to launch on the Bitcoin sidechain Liquid, as well as on Ethereum. It is unclear if and when it will support products directly connected to Bitcoin.