The Banking Council of the Wyoming State Banking Board has just unanimously decided to allow Avanti to create a bank focused on cryptography.
The company managed to complete the process in record time of only 10 months.
The company will offer banking services from 2021, but will be limited to accounts with high minimum balances.
Just a few years ago, no bank wanted to have anything to do with crypto-currencies, either because of orders received from central banks or because it did not believe in the crypto-sector itself. The crypto industry was forced to look for another solution, and while many banks have now changed their attitude, brand new crypto-focused banks are emerging around the globe.
The most recent case of this has just happened in Wyoming, where the Wyoming State Banking Board decided to grant Avanti a banking charter.
A cryptofriendly bank is to be established in Wyoming in a few months
According to the announcement made yesterday, October 28, the Wyoming State Banking Board unanimously decided to grant the financial institution a banking charter.
Thanks to the 8-0 vote, Avanti will now be able to operate as a full-fledged crypto-bank under the name Avanti Bank & Trust. In the meantime, it will also use its Avit coin, which is basically a “symbolized US dollar”.
According to the company, the new banking services will be available to customers in early 2021. However, there will be certain limits, such as only offering accounts with a high minimum balance. In other words, private customers will have to wait longer before the bank can offer services to them as well.
Nevertheless, Avanti sees this as a step in the right direction. Its founder and CEO, Caitlin Long, said that the process from company formation to application to incorporation was lightning fast.
Bank charters usually take at least one or more years from start to finish. Avanti managed to complete the process in just 10 months. The company and its CEO are very pleased with the speed of the process, as they recognize that time is short and want to start offering services to the growing crypto market as soon as possible.