HIGHLIGHTS
- Avanti has raised a total of $44 million since its inception.
- Investors in the firm include a global mix of institutional investors, cryptocurrency companies, and others.
- Institutional investors include Binance.US, Coinbase Ventures, Banca del Ceresio, The University of Wyoming Foundation, among others.
- The digital asset bank will be aimed at institutional investors only.
- The firm has received more than 2,500 inbound customer inquiries, CEO stated.
- The firm has planned to offer API-based U.S. dollar payment services for wires, ACH and SWIFT.
- It will also launch a dollar-pegged stablecoin branded as Avit.
- Launch date for the digital asset bank has not been announced yet.
United States, March 26, 2021 /AlexaBlockchain/ – Caitlin Long’s Avanti Financial Group has raised $37 million in Series A financing round ahead of launch of the start-up digital asset bank. The offering was upsized twice due to market demand. Avanti has raised a total of $44 million since its inception.
The company will use the proceeds to fund Avanti’s required regulatory capital needed for launch, as well as to fund engineering build and other operating expenses.
Avanti Investors
Series A shareholders include a global mix of institutional investors, cryptocurrency companies and family offices, as well as multiple Avanti executives and directors.
Individual investors prominent in the cryptocurrency, tech and traditional asset management industries include Trace Mayer, Marcel Kasumovich, Rob Kauffman (Aldel Capital), Tim Keefe, Lawrence Lepard, Eric Ly and others.
Institutional investors include 1843 Capital, AP Capital, Banca del Ceresio, Binance.US, Coinbase Ventures, ECMC Group, Equity Management Associates, Greybull Stewardship, Hard Yaka, HashKey, Holon Global Investments, Lemniscap, Madison Paige Ventures, Morgan Creek Digital, PJT Partners, Slow Ventures, Susquehanna Private Equity Investments and The University of Wyoming Foundation, among others.
Avanti Financial Group, Inc.
Avanti Financial Group, Inc. was founded last year as a Wyoming bank to serve as a compliant bridge to the U.S. dollar payments system and a custodian of digital assets that can meet the strictest level of institutional custody standards.
Avanti is required to fully comply with all applicable laws and regulations, including the Bank Secrecy Act and federal “know your customer,” anti-money laundering and related laws and regulations.
Avanti will also comply with Wyoming’s special purpose depository institution and digital asset laws, which include requirements that fiat deposits be 100% reserved and that Avanti meet the strictest consumer protections in the digital asset industry.
“As Bitcoin and digital asset markets mature and financialization network effects take root, there is a tremendous need for both well crafted laws and experienced, competent operators. When surveying the globe, in my opinion Wyoming best meets these needs generally, and the Avanti team specifically is among the most potent institutional-quality human capital,” said
Early Bitcoin adopter and investor, Trace Mayer, who formed the consortium that led Avanti’s Series A fundraising, stated that Avanti is extremely well positioned to competently answer questions that most in the industry have not even thought about yet.”
Caitlin Long, Avanti’s founder and chief executive officer, stated that the firm has received more than 2,500 inbound customer inquiries since announcing receipt of our bank charter in October 2020, and we look forward to being able to service customers later this year. We expect to provide more details about our launch soon.
Avanti Digital Asset Bank Roadmap
The firm has planned to offer API-based U.S. dollar payment services for wires, ACH and SWIFT; issuance of a dollar-pegged stablecoin branded as Avit (patent pending); and custody and on-/off-ramp services for bitcoin and other digital assets.