Avanti Financial – a financial services provider based in the United States – has managed to raise an impressive $37 million in new money through a Series A funding round. The company plans to utilize the funds to establish a cryptocurrency bank for family offices and top-tier investors.
Avanti Financial Is Raking in the Dough
Cryptocurrency is getting closer and closer to mainstream territory. Over the past several months, one of the consistent signs of this is the fact that crypto services and standard banking services are becoming one and the same. Several traditional financial institutions have gotten the greenlight to offer digital asset storage to their customers such as BNY Mellon, one of America’s oldest and most established banks. The firm announced not too long ago that it would be providing digital asset custody services for any of its clients looking to store cryptocurrencies.
Since the company first came about, Avanti has raised more than $40 million. This money has come from several institutional players including 1843 Capital, AP Capital, ECMC Group, Coinbase Ventures, Equity Management Associates, Greybull Stewardship and Holon Global Investments. It has also garnered funds from firms such as Madison Paige Ventures and Morgan Creek Digital.
Caitlin Long – founder and CEO of Avanti Financial Group – explained in an official statement:
We thank our investors for helping Avanti build a new breed of bank that services cryptocurrency and bitcoin and offers meaningful API capabilities for US dollar transactions to tech-savvy customers. We have received more than 2,500 inbound customer inquiries since announcing receipt of our bank charter in October 2020, and we look forward to being able to service customers later this year. We expect to provide more details about our launch soon.
As digital currency becomes more legitimate, more financial companies are finding themselves being bombarded with higher demand for crypto services from customers. For example, Anchorage – a crypto custodian based in the United States – says that in the last year alone, it has managed to raise more than $80 million in new funds through the aid of companies such as GIC, a sovereign wealth fund stationed in the Asian country of Singapore.
More Legitimacy for Crypto
Well-known investor Trace Mayer recently mentioned in a statement:
As bitcoin and cryptocurrency markets mature and financialization network effects take root, there is a tremendous need for both well-crafted laws and experienced competent operators. When surveying the globe, in my opinion, Wyoming best meets these needs generally.
Wyoming has been attracting several new crypto businesses over the years thanks to its loose digital regulations designed to boost innovation and lower financial burdens. In addition, Wyoming Senator Cynthia Lummis is now begging individuals such as Elon Musk – who is a major crypto advocate – to come to her state and establish new business for residents to take part in.