The Avanti Financial Group has reportedly successfully obtained $37 million via a Serie A funding round, which will be channeled towards its release as a crypto asset bank.
Specifically, Avanti reportedly revealed that it will utilize the acquired fund for financially supporting the required regulatory capital needed to make the release happen, apart from funding development and different costs for operations.
The overall sum of funds acquired after the round has reportedly climbed up to $44 million.
Any entity taking part in the round are reportedly who’s who of institutional investors including Coinbase Ventures, Binance.US, Morgan Creek Digital, Madison Paige Ventures, AP Capital, and Susquehanna Private Equity Investments, as well as individuals such as Trace Mayer, together with a few executives and directors from Avanti.
There have been contributions coming from The University of Wyoming for the funding round as well.
Avanti was established last year to function as a Wyoming bank designed to be a regulatory compliant bridge between U.S. dollar payments systems and crypto assets.
The company has reportedly initially obtained bank charter status from the state of Wyoming in October last year, and was the second crypto entity to operate as a bank, following Kraken Financial – securing the bank charter in September 2020.
Caitlin Long – founder and current Head of Avanti Financial – reportedly disclosed that over 2,500 inbound customer inquiries have been received since its regulatory greenlight of the bank charter. Avanti plans to cater to clients in the latter of 2021.
Although specifics regarding the release timeline of the project is yet to be revealed, Long did note that a fully regulated dollar-pegged stablecoin was in the pipeline.