Caitlin Long, the co-founder of Wyoming Blockchain Coalition, has recently announced the creation of a new bank focused on providing regulated services in the field of digital currencies. The technology company Blockstream, known for its developments in the field of bitcoin, also takes part in the project.
1/ INTRODUCING AVANTI BANK, a new US #bank to serve #digitalasset industry, offering new products & svcs not currently available in USD mkts along w/ tech partner @Blockstream. #Wyoming-based. We’re preparing long process of charter application & aim to open early 2021. @AvantiBT pic.twitter.com/fpnN6qBBhW
— Caitlin Long 🔑 (@CaitlinLong_) February 24, 2020
A new company called Avanti (“Forward” in Italian) was registered on January 6, having managed to get $ 1 million in seed investmentы to date.
Avanti will offer institutional investors the custodial services, manage operations with digital securities as well as provide the ability to make cryptocurrency payments.
Currently, the company is in the process of acquiring a special purpose depository institution (SPDI) license. Although the application itself has not yet been filed, Avanti is already working on eight products that are not available in the US market today. Of these, only one is known so far – a custodial service for security tokens.
As Caitlin Long noted, under US law, trust companies cannot offer securities custody services, Avanti, acting as an SPDI, can ideally fill this gap.
Avanti also works with Blockstream, which will act as a provider of applications, as well as other software and hardware necessary for the secure storage of digital assets.
In a comment to CoinDesk CEO of Blockstream, Adam Back said that “With Blockstream’s Liquid – a “sidechain” or parallel network sometimes used to move money between exchanges – the company will able to develop a “one-stop-shop” for digital asset custody.”
Also, With Blockstream, Avanti can build adjacent blockchain application programming interfaces (APIs) and conventional banking APIs, Back said. The first might look like an API that initiates multi-signature transactions; the second is usually an API that transfers money between traditional banking ledgers.