Avanti has received a banking license from the Wyoming State Banking Board. Thus, it became the second cryptocurrency bank in the United States right after the Kraken exchange. Avanti Financial Group, founded by former Morgan Stanley managing director Caitlin Long, applied for a bank charter this summer. The new license allows it to provide certain banking services, including storing digital assets. Avanti plans to start opening commercial accounts as early as next year. "We will provide products and services that don't exist in the market today. Currently, the only type of U.S. financial institution that can provide final and simultaneous settlement of transactions between digital assets and U.S. dollars is a Wyoming special purpose depository institution like Avanti because it is the only type currently approved to handle both of these legal entities," - Long said in a press release. Avit bank stablecoin The first product to see the light of day will be a stablecoin tied to the U.S. dollar - Avit. This token will be released on both the Ethereum blockchain and Bitcoin's sidechain, Liquid. Long has been working for quite a long time for this moment. In early 2019, Wyoming regulators passed several blockchain-friendly laws. These are intended to make this western state a haven for cryptocurrency companies. As a member of the Wyoming Blockchain Task Force, Long played an important role in introducing the new regulations. Avanti is a competitor to Kraken Financial, which received the same license back in September. "The State of Wyoming has approved the Kraken Exchange's application to form the world's first Special Depository Institution (SPDI), tentatively named Kraken Financial. Kraken Financial is the first digital finance company in U.S. history to receive a bank charter recognized under federal and state law." Kraken claimed at the time that it would be the first regulated U.S. bank to provide comprehensive deposit-taking, custody and trust services for digital assets." Both banks plan to begin operations in early 2021. Tags Avanti Avit bank Kraken regulations
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