Caitlin Long will launch Crypto-Assets focused Bank for Investors in the Wyoming State of US


Wall Street Pioneer Caitlin Long has
announced on 24 February that Crypto Services focused bank will soon be
operational in 2021 to aid the institutional investors to develop institutional
level infrastructure for Crypto assets.
Caitlin Long, who is also known as
Blockchain Legislative supporter and Wyoming Corporation which is co-founded by
her are preparing to form this special purpose bank which will be christened as
Avanti Bank which means Ahead or Forward in Italy. Long and her associates are
going to apply for a Special Purpose Depository Institution (SPDI) charter with
the State Department of Banking
The Avanti bank will strictly be working
under regulatory compliance and will serve especially the institutional
investors. Caitlin long will be the co-founder of the upcoming bank has informed
that they would be associated with another Canada based blockchain company Blockstream
to offer institutional-grade custody for crypto-assets.
In her statement, Long said, “Critical
piece of U.S market infrastructure is missing- a regulated bank that can act as
a bridge to Federal Reserve for payments and custody crypto for BIG institutional
money (pension funds, endowments, foundations, corporations, sovereign wealth
funds} who need this by entering crypto in a big way. The regulations had
blocked it".
Special Purpose Depository Institution
(SPDI)
The bank aspires to bring significant institutional
investment in crypto industry space and is going to opt for Special Purpose
Depository Institution (SPDI) charter in Wyoming.
Long believes that this is the optimal
regulatory compliance structure in the US for offering crypto-related financial
services for the major institutional investors.
Long further added that the company platform
will be neutral towards old crypto assets and would ensure that the customers
would be able to choose any of the assets apart from Bitcoin (BTC) for the
investment. The prerequisite for the investment companies would be to abide
by the security and regulatory compliance. Long assured that Avanti itself
will ensure to comply with all the essential US federal laws such as Anti-money
laundering, counter-terrorist , Know Your Customer(KYC) and will protest
consumers' money with 100 fiat reserves.
Wyoming will be the first U.S state to have
a cryptocurrency and blockchain-focused bank. Avanti has raised dollar 1 million
in a recently held seed funding round.
Back in November 2019, new legislation had
been introduced in Wyoming that allows crypto companies to reject the BitLicense
requirement in New York. The same legislation also allows the formation of
special-purpose depository Institutions (SPDIs) which are popularly known as
blockchain banks will allow the formation of Avanti Bank in Wyoming.

Jayashree Ingle
CBW - External Analyst
INDIA