US-based Avanti Financial Group, an operator of a crypto-asset banking company that provides regulated services for digital assets, raised US$ 37M in a Series A financing round on 25 March 2021.
Investors: The investors include prominent cryptocurrency companies, family houses, asset management companies and institutional investors – Trace Mayer, Marcel Kasumovich, Rob Kauffman (Aldel Capital), Tim Keefe, Lawrence Lepard, Eric Ly, 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 has raised a total of US$ 44 million to date.
Purpose of the funding: The funds raised will be utilized towards funding engineering build and other operating expenses.
About Avanti
Founded by 2020 Britney Reddy, Bryan Bishop, Caitlin Long, Chuck Thompson and Zev Shimko, Avanti is a software platform with a bank charter that connects digital assets with the legacy financial system. Avanti Financial Group Inc. is a Wyoming bank that will serve as a compliant bridge to the U.S. dollar payments system and a custodian of digital assets to meet the institutional custody standards in the US.
Avanti will offer a superior regulatory structure including a full-reserve requirement for dollar deposits and also a deep understanding of how digital assets can solve payment inefficiencies that customers face every day. Its customer categories include digital asset traders, fintechs, banks, corporate treasurers, trusts, pension funds and start-ups among others. It plans to launch this year.
What the CEO has to say: “We thank our investors for helping Avanti build a new breed of bank that services Bitcoin and also offers meaningful API capabilities for U.S. dollar transactions to tech-savvy customers. Our roadmap includes offering API-based U.S. dollar payment services for wires, ACH and SWIFT, issuance of our tokenized, programmable U.S. dollar called Avit™ and custody and on/off-ramp services for bitcoin and other digital assets. We have 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.” — Caitlin Long, Avanti’s founder and CEO.
What the investors have to say: “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. Avanti is extremely well-positioned to competently answer questions that most in the industry have not even thought about yet.” — Trace Mayer, an early Bitcoin adopter and investor in Bitcoin industry infrastructure.
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