As part of its Series A funding round, Avanti Financial Group has raised $37 million, bringing its total funded capital since inception to $44 million.
As part of the Series A funding round, 1843 Capital, AP Capital, Banca del Ceresio, Binance US, Coinbase Ventures, ECMC Group, Equity Management Associates, Greybull Stewardship, Hard Yaka, HashKey, Holon Global Investments, Lemniscap, Madison Paige Ventures, Morgan Creek Digital participated as investors.
As a cryptocurrency services provider, the company intends to use the funds raised from the sale of the cryptocurrency to fund a range of projects including regulatory compliance, operational expenses, and engineering work.
It has also become clear that Avanti is seeking to become the second crypto company after Kraken Financial to obtain a full banking charter in the US following its latest funding round, which will enable the firm to offer institutional investors an opportunity to enter the digital asset market in a regulated manner.
This company, whose mission is to serve as a compliant bridge to the US dollar payments system, has established itself as a custodian of digital assets able to meet the strictest levels of institutional custody standards, such as the Bank Secrecy Act, know your customer and anti-money laundering laws and regulations, as well as the Bank Secrecy Act.
It was Caitlin Long, founder and CEO of Avanti Financial Group, who announced the launch of a cryptocurrency bank, who said, “We would like to thank all of our investors for helping Avanti build a new kind of bank that would service cryptocurrency Bitcoin while also offering meaningful API capabilities for US dollar transactions to tech savvy customers.” In the last six months since we announced the receipt of our bank charter in October 2020, we have received over 2,500 inbound customer inquiries, and we are looking forward to being able to serve our customers in the coming months. Soon we will be able to provide you with more information about our upcoming launch.”
An earlier round of funding of $5 million was secured by Avanti in 2020, as well.
Over the past few years, there has been a tremendous growth in the digital asset ecosystem. As part of its Series C funding round led by Singapore’s sovereign wealth fund, GIC, US-based cryptocurrency custodian Anchorage has raised $80 million in a Series C funding round.
The bitcoin and cryptocurrency markets are at a very mature stage, so there is a very high demand for more competent operators, according to the company, which makes it an ideal time for the company to launch its crypto-based bank.
Digital assets bank Avanti Financial Group closed their Series A funding round with $37 million. That brings their total capital raised to $44 million since they were founded.
Investors in the Series A funding round include 1843 Capital, AP Capital, Banca del Ceresio, Binance US, Coinbase Ventures, ECMC Group, Equity Management Associates, Greybull Stewardship, HashKey, Holon Global Investments, Lemniscap, Madison Paige Ventures and Morgan Creek Digital.
The cryptocurrency service provider uses the funds in different projects including regulatory compliance, operational expenses, and also engineering services.
Fintech startup Avanti is seeking to become the second crypto company after Kraken Financial to get a full banking charter in the United States. This will enable the firm to offer institutional investors a regulated pathway to enter the digital assets industry.
Launched to serve as a compliant bridge to the US dollar payments system, the firm has received top level regulatory approval and has been established to meet the highest standards for banking operations.
Ahead of the launch of a cryptocurrency bank, the co-founder and CEO at Avanti Financial Group Caitlin Long said, “We’re grateful for our investors who have helped us build a new kind of bank that serves cryptocurrency, and that also offers meaningful API capabilities for US dollar transactions to tech-savvy customers.
We’ve had more than 2500 inquiries about our new bank charter, and we’re excited to be able to serve our customers later this year.
Our new product launch will be coming soon!
The ecommerce landscape is a big place, and there’s a lot to learn and do to get started.
In February, more than ten banks have launched blockchain-focused R&D initiatives.
Given that the cryptocurrency and bitcoin markets continue to mature, there is a tremendous need for more competent operators. As such, launching a cryptocurrency-based bank makes sense.