Avanti has reportedly been successful in obtaining a bank charter from the Wyoming State Banking Board, to set up a crypto-friendly bank dubbed Avanti Bank & Trust, together with its “tokenized U.S. dollar” Avit.
Specifically, Avanti reportedly disclosed that its new bank will be available for the general public at the start of next year, but will be serving high minimum balance accounts initially, with support for retail customers will be rolled out later.
Founder and head of Avanti Caitlin Long reportedly shared remarks, claiming that “Avanti’s process from company formation to application to charter is lightning fast”, with the standard bank charters will require 12-24 months from initiation to finalization, but Avanti’s only needed 10 months.
“Wyoming’s regulators are the only bank regulators that have a supervisory and regulatory oversight program nearly in place. All other states, and the OCC [Office of the Comptroller of the Currency], are not yet ready to supervise banks engaging in digital asset activities.” Long further stated.
The Wyoming Division of Banking received a submitted application from Avanti for a bank charter in July this year, quite near when the bank disclosed its roll-out of Avit. The company reportedly stated it would finalize the issuance of Avit on Bitcoin’s Liquid sidechain, together with the Ethereum (ETH) blockchain, and will also assess the possibility of issuing it “on other blockchains in the future.”