Los Angeles (CoinChapter): The Avanti Financial Group announced that it has raised $37 million in a Series A round. As it inches closer of launching a crypto bank aimed at institutional investors.
Avanti stated that it will use the proceeds to fund the required regulatory capital needed for launch. In addition to funding development and other operating expenses. To date they have raised a total of $44 million.
Among the investors that participated in the round include Coinbase Ventures, Binance.US, Morgan Creek Digital and Madison Paige Ventures. As well as AP Capital and Susquehanna Private Equity Investments.
Individuals including Trace Mayer and some of Avanti’s executives and directors also donated funds. Moreover, the University of Wyoming Foundation contributed to the funding round.
Avanti was founded in 2020 as a Wyoming bank designed to serve as a regulatory compliant bridge between U.S. dollar payments systems and digital assets.
The firm first gained bank charter status from the state of Wyoming in October 2020. And was the second crypto company to become a bank following Kraken Financial which received the bank charter one month prior.
Since announcing its bank charter approval, Avanti has received more than 2,500 inbound customer inquiries. The firm did not reveal details of a launch date but mentioned that a fully regulated dollar-pegged stablecoin was in the works.
“Our roadmap includes offering API-based U.S. dollar payment services for wires, ACH and SWIFT.” Said founder and CEO of Avanti Financial, Caitlin Long
“Issuance of our tokenized, programmable U.S. dollar called Avit; and custody and on-/off-ramp services for bitcoin and other digital assets.”
Avanti Financial has no plans of becoming exchange
Long also confirmed that Avanti has no intentions of becoming an exchange. And that it will be strictly for institutional investors only.
Early Bitcoin adopter and entrepreneur Trace Mayer, who formed the consortium that led Avanti’s Series A. Stated that Avanti is extremely well-positioned to address the need for legally compliant operators.