The Wyoming Division of Banking regulators has accelerated the banking application charter for crypto influencer Caitlin Long’s Avanti project.
The decision to fast-track Avanti Bank came in the wake of the Office of the Comptroller of the Currency (OCC)’s recent decision to allow banks to provide cryptocurrency custodial services.
The announcement also highlighted Avanti’s stablecoin competitor product called Avit. Treated as a cash equivalent, the coin will facilitate institutional and corporate settlements in real time.
“Avanti also announced a new product to modernize US dollar payments, called Avit, which is also nicknamed ‘the stablecoin disruptor.”
The team hopes to begin banking services as early as October 2020.
Ahead of the Game
Per Long, Wyoming is way ahead of the curve in developing the necessary legal and logistical framework for protecting consumers. The state’s forward-thinking initiatives have created legal precedent for dealing with digital-specific complaints.
“The OCC and 49 other states do not yet have in place the comprehensive legal structure necessary for enabling digital asset custody without significant legal risk. Its prudential standards make Wyoming the only jurisdiction in the U.S. where digital asset custody in a bank can truly be executed in a safe and sound manner.”
Avanti hopes to be a chartered bank handling cryptocurrencies, but other banks may be ahead in terms of corporate infrastructure. For example, JPMorgan has already built the internal systems for its own coin, the JPM.