Avanti Gains Bank Charter and Approval for Digital Asset Custody Services

Avanti Bank & Trust​ ("Avanti"), a compliant bridge to the U.S. dollar payments system and a custodian of digital assets, announced on Wednesday that it has been granted by The Wyoming State Banking Board a bank charter, which gives the state bank the same powers as national banks in its approved business lines. 

Avanti's approved business plan includes the issuance of a tokenized U.S. dollar called Avit, custody services for digital assets, API-based online banking services, and prime services for digital assets. Avit is designed to solve widely-acknowledged problems with legacy payment systems faced by traders, investors and corporate treasurers. Nicknamed the "stablecoin disruptor", it is also designed to solve the legal, accounting and tax issues of stablecoins. 

Executed by a highly experienced and proven engineering team, Avanti plans to issue Avit initially on both Liquid (a sidechain of the Bitcoin blockchain, in coordination with Blockstream) and Ethereum, and will consider issuing Avit on other blockchains in the future based on customer demand and its assessment of network security. 

"Avanti's mission is to provide a compliant bridge between the traditional and digital asset financial systems, with the strictest level of institutional custody standards," said Caitlin Long, Avanti's founder and chief executive officer. "We will provide products and services that do not exist in the market today. ”