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Only a few short years ago, no bank would have anything to do with cryptocurrencies, whether due to the orders received from central banks, or because they themselves did not believe in the crypto sector. The crypto industry was forced to seek out a different solution, and while many banks have changed their stance in the meantime, brand-new crypto-focused banks are beginning to emerge around the globe.
The most recent case of this has just taken place in Wyoming, where the Wyoming State Banking Board decided to grant Avanti a bank charter.
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A crypto-friendly bank to launch in Wyoming in a few months
According to the announcement published yesterday, October 28th, the Wyoming State Banking Board voted unanimously to grant a bank charter to the financial institution.
Thanks to the 8-0 vote, Avanti will now be able to operate as a full crypto bank, under the name Avanti Bank & Trust. Meanwhile, it will also use its coin, Avit, which is basically a ‘tokenized US dollar.’
According to the company, the new banking services should be available for customers in early 2021. However, it will have certain limits, such as only providing high minimum balance accounts. In other words, retail clients will have to wait longer before the bank will be able to offer services for them, as well.
Still, Avanti sees this as a step in the right direction. Its founder and CEO, Caitlin Long, said that the process from company formation, to an application, to charter has been lightning fast.
Usually, bank charters tend to take at least one or more years from start to finish. Avanti managed to complete the process in only 10 months. The company and its CEO are quite pleased with the speed of the process, as they realize that time is of the essence, and they wish to start offering services to the growing crypto market as soon as possible.