Cryptocurrency bank Avanti raised $37 million from Series A investors as it prepares to take its digital banking operations online.
March 26, 2021 | AtoZ Markets – Digital asset bank Avanti announced the closure of a Series A funding round, during which it raised $37 million to launch a bank of digital assets. The volume of investments received by the company since its inception has reached $44 million.
NEWS: @AvantiBT announces completion of our Series A capital raise, bringing the total raised to date to $44m as we prepare for digital asset bank launch. Round was upsized twice due to market demand. We're hiring (bank ops, finance, engineering)-join us!https://t.co/blnsBTvzk9 pic.twitter.com/5mp673d30t— Avanti Bank & Trust (@AvantiBT) March 25, 2021
The round was attended by a number of individual investors, including Binance.US, Coinbase Ventures, Morgan Creek Digital, Susquehanna Private Equity Investments and other institutions.
PJT Partners was the sole agent for the placement of Avanti shares.
The startup uses the raised capital to form the bank’s regulatory capital necessary for launching, as well as to finance the creation of infrastructure and operating expenses.
“We would like to thank our investors for helping Avanti create a new type of bank that serves Bitcoin and also offers significant API capabilities for USD transactions to tech-savvy customers,” said Avanti Founder and CEO Caitlin Long.
She recalled that the roadmap includes offering payment services, issuing a tokenized dollar called Avit, and providing storage services for bitcoin and other digital assets.
The startup has received more than 2,500 inquiries from potential clients since the announcement of the bank’s charter in October 2020, and expects to begin serving them by the end of the year, Long added.
According to her, Avanti plans to provide more detailed information on the bank’s launch in the near future.
Recall that the first representative of the US cryptocurrency industry to receive the status of a bank in September 2020 was the Kraken exchange.
Think we missed something? Let us know in the comment section below.