November 5th, 2021

Avanti Statement on its Application to Become an FDIC-Insured Bank

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.”

Interested parties and potential customers can contact Custodia at [email protected]. Press can contact Custodia at [email protected].

About Custodia: Custodia Bank, 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. Custodia 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. Custodia 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 Custodia meet the strictest investor protections in the digital asset industry. 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 (including product offerings, regulatory plans and business plans) and may change without notice. 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.

Custodia

NMLS # 2129447

In certain US states, Custodia Bank, Inc. operates as Custodia Digital Services, Inc.

[email protected]

Made in Wyoming

Navigation

Disclaimer

Some services not currently available. All services, products, and access subject to applicable BSA/AML and other screening and documentary requirements.

Information provided on this website does not, and is not intended to, constitute tax or legal advice. You should consult your own tax, legal and accounting advisors before using any of Custodia Bank, Inc.'s products or services.

To report a bug or vulnerability please contact [email protected].

Not FDIC Insured