The company’s application for a bank charter was accepted in July, reports The Block. Avanti is the second crypto firm to become a bank after Kraken Financial, a unit of U.S. crypto exchange Kraken.
Avanti founder and chief executive officer, Caitlin Long, said “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 is a Wyoming special purpose depository institution like Avanti.”
Avanti plans to issue Avit initially on both Liquid – a sidechain of the Bitcoin blockchain – and Ethereum. The company claims its tokenized U.S. dollar is “designed to solve the legal, accounting and tax issues of stablecoins.”
As a bank, Avanti will be required to fully comply with the Bank Secrecy Act, anti-money laundering and OFAC-related laws, rules and regulations.
What do you think about Avanti gaining a bank charter? Let us know in the comments section below.
The post Crypto Startup Avanti Receives License To Operate as National Bank in Wyoming appeared first on Bitcoin News.
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