(Rejected 2) Digital Asset Expert Caitlin Long to Launch U.S’s First Regulated U.S Crypto Bank In Wyoming

In the U.S state of Wyoming, new efforts are advancing to build a new bank dedicated to the crypto and blockchain industry. It sets to be the first regulatory-compliant blockchain and cryptocurrency-focused banking institution in the United States.

Caitlin Long, a Wall Street executive and a crypto advocate, who has assisted the state of Wyoming in enacting 13 blockchain-enabling regulations, is taking advantage of the progressive Wyoming legislature to create a first crypto bank in the country. Caitlin announced that the formation of Avanti bank is underway, a new regulated bank, which will assist “big institutional money” in entering the digital assets and crypto markets.

Avanti aims to fill the gap where traditional U.S financial institutions and banks fall short. In several cases, institutional customers, which use digital assets, lack a place to engage in custody, securities, payment, and commodities activities.

CEO and Founder Caitlin Long stated: “Avanti seeks to bridge to the U.S dollar payments system with digital assets in a compliant manner and to offer custodial services that meet the strictest level of institutional standards.” Long further said: “Avanti will target crypto-related firms and institutional investors in the United States that until now lack accessing optimal services to digital assets available to their competitors in other countries.”

She added that Avanti bank aims to break the existing situation and therefore assists in keeping the U.S from falling behind other nations whose regulated banks already are serving institutions in this market.

The launch of Avanti bank will unlock several new services and products around crypto and digital assets, which only a regulated U.S bank can provide directly.

Avanti bank, which raised $1 million in recently closed seed funding, is partnering with Canadian Bitcoin startup Blockstream, a firm supplying Avanti with technological infrastructure, especially for the custody of digital assets.

Long revealed that Avanti would comply with all federal counter-terrorist financing laws, anti-money laundering (AML), and know-your-customer (KYC) regulations.

Currently, Avanti is working on submitting its charter application for regulatory approval and is expected to open its door to clients by early 2021.