Avanti gains bank charter status from Wyoming state regulator
Crypto startup Avanti has gotten the green light from the Wyoming State Banking Board on its business plan for digital asset custody and the creation of Avit, a tokenized U.S. dollar.
According to the announcement published today, Avanti is now a bank charter, which means it has the same amount of power as national banks. The company's application for a bank charter was accepted in July. It is the second crypto company to become a bank, the first being Kraken's launch of Kraken Financial.
"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," said Avanti's founder and CEO Caitlin Long. "Wyoming has the only U.S. regulator with a bank supervisory and regulatory program for digital assets that is near completion."
As a bank, Avanti will be required to fully comply with the Bank Secrecy Act, anti-money laundering laws and other existing rules and regulations.