Avanti Statement on its Application to Become an FDIC-Insured Bank
November 5, 2021; Cheyenne, Wyo. – Avanti Financial Group, a digital asset bank built on a modern banking core platform, yesterday announced its intention to apply for insurance at the Federal Deposit Insurance Corporation (FDIC). The application will be filed shortly.
The application responds to Monday’s report on stablecoins by the President’s Working Group on Financial Markets. Avanti’s decision to seek FDIC insurance acknowledges the report’s announcement that FDIC insurance is now a necessary prerequisite for U.S. institutions issuing stablecoins. Avanti is acting quickly to test the viability of the path laid out by the President’s Working Group for digital asset companies that are outside the universe of legacy banks that are already FDIC-insured.
Avanti CEO Caitlin Long said: “It’s our earnest hope that the end result of the President’s Working Group’s review of stablecoins is not to deny those interested in innovative financial alternatives offered by upstart players by concentrating stablecoin issuance in the hands of a few powerful, entrenched institutions. Most legacy banks are simply not capable of issuing stablecoins on their legacy technology platforms. Avanti is moving with speed to confirm that customers who have sought alternatives to the big banks, using tech-forward services such as those Avanti is building, will not be forced back into their arms.”
About Avanti: Avanti Financial Group, Inc. is a Wyoming bank formed 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 is required to fully comply with all applicable laws and regulations, including the Bank Secrecy Act and federal “know your customer,” anti-money laundering and related laws and regulations. Avanti will also comply with Wyoming’s special purpose depository institution 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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