Avanti Financial Group Appoints Advisers To Assist With Building A New Type of Bank
July 8, 2020; Cheyenne, WY – Avanti Financial Group, Inc. today announced its initial adviser appointments, which include an internet pioneer, a former official with the Board of Governors of the Federal Reserve System’s bank supervision and regulation division and a top engineer who previously built a secure, regulated platform for digital asset custody. Avanti, which has submitted its application for a bank charter under Wyoming’s special-purpose depository institution law, expects to open its doors by early 2021 and to serve as a compliant bridge between digital assets and the U.S. dollar payments system.
Christopher Allen — Christopher is a pioneer in internet cryptography and co-author of the TLS security standard, the cryptographic protocol that secures most of the internet’s traffic today. He is an entrepreneur and technologist who specializes in collaboration, security, and trust. Christopher’s recent emphasis has been on engines of trust such as blockchain, smart contracts, and smart signatures, in particular decentralized self-sovereign identity. Christopher is founder of Blockchain Commons, former co-chair of the W3C Credentials Community Group incubating specifications for decentralized identity, and a former principal architect at Blockstream.
Katie Cox — Katie has over 30 years of bank regulatory experience. Most recently, as Manager of the Mergers & Acquisitions Section of the Board of Governors of the Federal Reserve System from 2010-2020, she was a key official responsible for mergers and acquisitions of banks within the Federal Reserve System. During her career, she presented policy setting bank mergers and acquisition proposals to numerous chairs of the Federal Reserve System. She also was a key developer of Federal Reserve System guidance, including SR13-7 State Member Bank Branching Considerations and SR 14-2 Enhancing Transparency in the Applications Process.
Bob McElrath — Bob most recently was the lead blockchain architect at Fidelity Digital Assets, which is the digital asset subsidiary of Fidelity Investments, where he built a secure, regulatory-compliant platform for custody of Bitcoin and related services. Prior to that, he was Chief Scientist and Chief Technology Officer of Vida Identity (now Atakama, a subsidiary of SolidX), a senior software engineer at Bloomberg, LP, and Chief Technology Officer of Ribbit Rewards (now Loyyal). Bob earned a PhD in theoretical particle physics from the University of Wisconsin. He completed a fellowship at CERN and post-docs at UC-Davis and the University of Heidelberg.
About Avanti: Avanti Financial Group, Inc. is a Wyoming corporation formed to apply for a bank charter pursuant to Wyoming’s special-purpose depository institution (“SPDI”) laws. 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. 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.
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