Digital asset bank Avanti Financial, founded in 2020 as a Wyoming bank designed to serve as a compliant bridge between US dollar payment systems and digital assets, has just raised $37 million through a Series A funding round, the company announced yesterday.
The bank will reportedly use the funds to launch a digital asset bank for institutional clients.
In particular, with this new capital injection the company already has the funds required by the authorities for the launch. In addition, it will use the remaining funds to finance its operations.
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After the financing round, the bank has raised $44 million in total.
Participants in the round include Binance.US, Coinbase Ventures, Morgan Creek Digital and Susquehanna Private Equity.
Among other things, the bank intends to issue its own Avit token, which is pegged to the dollar, as well as on and off-ramp services for crypto.