Big Bucks for a Big Idea

In a development that’s making waves in the financial sector, Avanti Financial Group has successfully raised a whopping $37 million in a Series A funding round, bringing them to a total of $44 million. That’s right, folks, money talks, and this time it’s saying “digital asset banking” loud and clear!

Funds for Functionality

The freshly acquired funds will primarily go towards the regulatory capital required for Avanti’s launch as a digital asset bank. But that’s not all! The cash is also earmarked for development and other essential operating expenses. Because let’s face it, one cannot just whip up a bank out of thin air without a few Benjamin Franklins in hand!

Who Put Their Money Where Their Mouth Is?

Avanti’s funding round featured a veritable who’s who of institutional investors. Think of it like the social elite of the banking world. Among the heavy-hitters are Coinbase Ventures, Binance.US, and Morgan Creek Digital. Also joining the party: several venture firms and individual investors including crypto pioneer Trace Mayer and the University of Wyoming Foundation. Clearly, no one likes to miss out on a groundbreaking opportunity!

A Brief History of Avanti

Founded in 2020 in the cowboy state of Wyoming, Avanti was designed as a bridge—not the kind you drive over, but one connecting U.S. dollar payment systems with the vast world of digital assets. Avanti made headlines by being the second crypto firm to gain a bank charter in the U.S., right behind Kraken Financial. The future of banking is looking a little less traditional and a lot more digital!

What’s Next for Avanti?

So, what’s cooking in the Avanti kitchen? CEO Caitlin Long hinted at several exciting offerings down the line, including:

• API-based U.S. dollar payment services for transfers like wires, ACH, and SWIFT
• The launch of Avit, a programmable U.S. dollar
• Custody solutions and on-/off-ramp services for Bitcoin and other digital assets

And if you think that sounds like a lot of fun, think again! Avanti aims to cater solely to institutional investors—not your average Joe with a wallet full of Bitcoin.

The Promise of Compliant Banking

“Avanti is positioned to address the need for legally compliant operators in the digital asset industry as markets mature,” – Trace Mayer

In essence, Avanti is hoping to be that solid brick wall of compliance in the increasingly wild West of digital assets. With over 2,500 incoming inquiries about its services since announcing its charter approval, it seems there’s no shortage of interest. As Caitlin Long puts it, the firm is looking forward to serving clients later this year. Just don’t ask her for a specific launch date—some secrets stay better hidden!