The First Crypto-Native Bank in the U.S. Started by Caitlin Long

A former Wall Street executive Caitlin Long is taking advantage of the successive Wyoming legislature to create a first crypto-native bank in the U.S. She also has assisted Wyoming establish 13 blockchain-enabling laws. The bank’s called is Avanti, which implies “forward” in Italian.

have come a long way to this announcement earlier today in a 29 tweets of threads. She added:

“a critical piece of U.S. market infrastructure is missing – a regulated bank that can act as a bridge to the Federal Reserve for payments and [offer] custody for BIG institutional money.”

Credit: Caitlin Long

As Avanti benefited from the special-purpose depository institution law “which is the optimal regulatory-compliant structure in the U.S. for providing financial services around crypto.” Thanks to Wyoming governor Mark Gordon for making this possible.

Rigid Rule

Despite that, Caitlin Long added that these special deposit laws have strict regulatory requirements. Based on this law, all deposits – in the case of Avanti, crypto deposits – must be 100% reserved. Avanti will also prohibited to use deposits for any of its own financial operations – a practice known as “counterfeiting.” Strictly Know the Customers standard you must implement. She also mentioned on her tweets “NEVER think about trying to use Avanti for illegal / evil purposes !!!!!!!!!,”

Strange bedfellows

Before existence Avanti, Long said that she had along talk with Adam Back, CEO and founder of Blockstream and an early contributor to Bitcoin. She convince that Blockstream is an “ideal partner for serving BIG institutional investors that require regulated banks to deliver them services around bitcoin in USD markets.”

Meanwhile, she mentioned that Avanti would remain a “neutral protocol” and would welcome all cryptocurrencies requesting by customers. In accordance with Long, we can look forward to seeing:

STRANGE BEDFELLOWS because it’ll attract the best from the crypto & traditional worlds. I’m comfortable + have deep relationships in both worlds & I am equally comfy in NYC’s concrete canyons as in the wilds of Wyoming.”

In early 2021 Long assumes Avanti to open its doors . If this is true it could derive to a significant influx of new liquidity into the market.

Source: cointelegraph.com

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