A former Wall Street executive, Caitlin Long, made an announcement that in early 2021 a new financial institution by the name of Avanti Bank will open in the state of Wyoming in the US becoming the first digital currency-native bank in the country. Before the announcement, Caitlin Long had succeeded in helping the state to implement 13 laws on the blockchain network. She broke the news on Avanti Bank on the social media platform, Tweeter, introducing the institution as a new United States-based bank for the digital asset market.
Based on what Caitlin Long said the new crypto-based bank would serve as a needed bridge for traditional financial institutions and the digital asset market. She also believes that this is a significant step for the United States market in order to be able to keep up with other countries in the crypto sphere. Due to its unique nature, Avanti Bank will be able to accomplish what most banks and financial institutions can not as a result of regulations. According to Long, Avanti Bank will pay special attention to their institutional clients, it will also provide Bitcoin and a number of Altcoins, yet, it is still not clear which digital currencies the bank will offer to customers.
When discussing regulations in the United States, Caitlin Long stated that her financial firm will operate according to anti-money laundering (AML), know your customer (KYC) as well as anti-terrorist financing laws. The new company has recently applied to the Wyoming Division of Banking for a bank charter. Once the application is approved, the first crypto-based bank will open its doors in 2021.
At the same time, digital assets, specifically the largest of them all Bitcoin, have been experiencing value increases since the beginning of the new year and the upward trend for BTC will continue for at least 19 months. To learn more information on BTC and its price, check out Bitcoin Price updates as well as Bitcoin (BTC) Price Predictions.