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Crypto Bank Avanti Plans To Open In October And Will Offer A New Kind Of Digital Asset
Summary: Crypto bank Avanti has been approved by the Wyoming Division of Banking and plans to open as soon as October 2020, according to a recent announcement. The bank also announced that it will be launching its own digital asset, Avit, which can only be issued by banks and can be treated as a cash equivalent. ...
Crypto bank Avanti has been approved by the Wyoming Division of Banking and plans to open as soon as October 2020, according to a recent announcement.
The bank also announced that it will be launching its own digital asset, Avit, which can only be issued by banks and can be treated as a cash equivalent. Avit will be backed fully by liquid traditional U.S. assets and the bank promises that it will offer legal certainty because it will adhere to existing U.S. commercial laws.
Avanti CEO Caitlin Long reaffirmed that Wyoming's two-years old digital asset custody initiative makes it the only state with the infrastructure to support a bank successfully acting as custodian of a digital asset, despite the OCC's recent announcement allowing banks to custody digital assets.
By Emily Mason
Tags: Avanti,Avit,Crypto Bank
Link: Crypto Bank Avanti Plans To Open In October And Will Offer A New Kind Of Digital Asset [Copy]
