Founders of the very first bank for digital assets like bitcoin, Avanti plans to open its doors in 2021. The bank is based in Wyoming, Cheyenne, and plans to do business under the name “Avanti Bank & Trust”. Starting a digital asset bank in the current scenario makes a lot of sense.
While cryptocurrencies are highly unstable, still they are far more stable than once they were. This could be the right time for bitcoin and the rest become more popular.
Avanti’s website claims that they comply with all applicable laws, at both the Federal and State level. Anti-money laundering laws that require banks to know who deposits money with them are also included among the laws. This shows an interesting comparison to the current cryptocurrency practices, which often allow users to remain anonymous.
Caitlin Long (CEO), sees the bank as a bridge between digital assets and traditional US dollar payment systems. Caitlin Long is a 22-year Wall Street veteran and a Harvard Law School graduate. She also worked in Morgan Stanley’s internal blockchain group (2014-2016) and also as a gubernatorial appointee of the Wyoming Blockchain Task Force from 2018 to 2019.
The leadership team includes people experienced in the fields of banking worlds and technology. Apart from their executive titles, they are also the co-founders of Avanti:
- Bryan Bishop (CTO): He is a former senior blockchain engineer at LedgerX.
- Britney Reddy (CFO and Chief of Banking Operations): Former banking CEO, CCO, COO, and CTO.
- Zev Shimko (COO): Director at Figure who works on its blockchain efforts.
- Chuck Thompson (Chief Compliance Officer and Chief Legal Officer): He was the former CEO of Blockchain Consulting LLC.
Avanti makes an entry into the cryptocurrency market while the world is still going the Coronavirus pandemic. The crypto market is already pretty large. It involves around 2.9 million to 5.8 million active traders and roughly $100 billion of total market capitalization in bitcoin alone. Usually, customers have sought refuge in precious metals such as gold- in times of uncertainty. Still, there are some indications that cryptocurrencies like bitcoin may be gaining ground in this regard. The unexpected change in cryptocurrency usage could provide Avanti and other financial service providers that may follow them with an opportunity for growth.
