July 23, 2020; Cheyenne, WY – Avanti Financial Group, Inc. received formal notice from the Wyoming Division of Banking that Avanti’s application for a bank charter was accepted as complete on July 15, and that its application timeline has been accelerated. As a result, Avanti now expects to open for banking business as early as October 2020.
“Our charter application incorporates truly novel ideas that have received detailed scrutiny from multiple regulators. It is the culmination of an enormous effort by Avanti’s fantastic team — several thousand hours of planning and work with regulators, and hundreds of pages of supporting policies, procedures and documentation,” said Caitlin Long, founder and CEO.
Avanti also announced a new product to modernize US dollar payments, called Avit™, which is also nicknamed ‘the stablecoin disruptor.’ Able to be issued only by a bank, Avit is not a security and will likely be treated as a cash equivalent. It offers legal certainty because it will be issued under existing U.S. commercial laws. Programmable via Avanti’s user-friendly API, Avit is designed for use by institutional traders and corporate treasurers when they prefer a real-time payment settlement solution in US dollars that does not suffer from the delayed settlement and chargeback issues of traditional payment solutions, or the legal, accounting and tax issues of stablecoins. This product builds on Avanti’s digital asset custody platform, executed by a highly experienced and proven engineering team.
“I’m thrilled that the OCC yesterday followed Wyoming in allowing banks to provide custody for digital assets,” Long continued. “Wyoming has been developing its digital asset custody initiative for two years and already has a comprehensive framework and supervisory process in place, which does not exist elsewhere. The OCC and 49 other states do not yet have in place the comprehensive legal structure necessary for enabling digital asset custody without significant legal risk. They also do not have a roadmap for courts to adjudicate disputes involving digital assets and do not provide the certainty in bankruptcy that Wyoming provides for digital asset custodians. Its prudential standards make Wyoming the only jurisdiction in the U.S. where digital asset custody in a bank can truly be executed in a safe and sound manner.”
About Avanti: Avanti Financial Group, Inc. is a Wyoming corporation formed to apply for a bank charter under Wyoming’s special purpose depository institution (“SPDI”) law. Based in Cheyenne, WY, it will likely do business under the name “Avanti Bank & Trust.” Avanti expects to serve as a compliant bridge to the U.S. dollar payments system and a custodian of digital assets that can meet the strictest level of institutional custody standards. Avanti will be required to fully comply with all applicable laws and regulations, including federal “know your customer,” anti-money laundering and related laws and regulations. As an SPDI, Avanti will also comply with Wyoming’s SPDI and digital asset laws, which include requirements that fiat deposits be 100% reserved and that Avanti meet the strictest consumer protections in the digital asset industry.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements. The press release does not constitute an offer to sell or a solicitation of an offer to purchase any securities of Avanti Financial Group, Inc., and does not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
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