Wall Street veteran Caitlin Long has announced the establishment of the first cryptographic bank in the U.S. in Wyoming. The new financial institution is called Avanti.
Long was previously involved in the drafting of 13 laws in the state of Wyoming related to the regulation of the block. Thanks to progressive legislation, this state was chosen as the home for the new bank. At the same time, she stressed that the U.S. has no developed market infrastructure for such organizations, and Avanti Bank will be able to act as an intermediary between institutional clients and the U.S. Federal Reserve.
Caitlin Long also thanked Wyoming Governor Mark Gordon for signing the law, which describes the rules of cryptographic storage for financial institutions. It is thanks to this law that the creation of a cryptographic bank became possible.
The regulated Avanti bank is to help pension funds, corporations and hedge funds invest in cryptov currencies.
"This is a $300 billion asset class, and they can no longer ignore it. And their current partners do not provide services for investments in crypt currencies," stressed Long.
Startup Blockstream will be a partner in the creation of Avanti Bank. It will offer bitcoin storage applications and provide all necessary infrastructure for cryptocurrency storage. With the help of Blockstream, Avanti Bank will create software interfaces (APIs) to work with blockbusters and traditional banks.
"Avanti will fully comply with federal user identification requirements, anti-money laundering laws and any regulatory requirements. Fiat deposits will be fully secured and users will be protected at the highest level," said Caitlin Long.
Wyoming is one of the most active blockaded and cryptographic regions not only in the United States, but also in the world. Last year, the State Senate approved a bill on partial recognition of the crypt currency in money. In addition, in the state, cryptographic operations are exempt from property tax.
Comments
Post a Comment