![Avanti Financial Raises $37 Million in Series A Round](http://bitcoinworld.co.in/wp-content/uploads/2021/03/Avanti-Financial-Raises-37-Million-in-Series-A-Round.png)
Today, Avanti Financial Group declared the conclusion of its Series A financing round. The Avanti Financial Group advocated that it has raised $37 million in Series A round, bringing the company a step closer to launch as a digital asset bank. In a blog post, Avanti asserted that the raise would offer the capital required to launch, as demanded by regulators. The funds will also support engineering and operating expenses. The round brings the cumulative amount raised to $44 million.
Moreover, various investors engaged in the round, involving some of Avanti’s executives and directors. Institutional investors include 1843 Capital, AP Capital, Binance.US, Banca del Ceresio, Coinbase Ventures, ECMC Group, Greybull Stewardship, Equity Management Associates, Lemniscap, Hard Yaka, HashKey, Holon Global Investments, PJT Partners, Madison Paige Ventures, Morgan Creek Digital, Slow Ventures, Susquehanna Private Equity Investments. Individual investors prominent in the cryptocurrency, tech, and traditional asset management industries incorporate Trace Mayer, Marcel Kasumovich, Rob Kauffman, Tim Keefe, Lawrence Lepard, Eric Ly, and others.
PJT Partners Acted as the Sole Placement Agent in Avanti’s Series A Round
The University of Wyoming Foundation also committed to the funding round. PJT Partners served as the sole placement agent for Avanti. Established in 2020, Avanti is a Wyoming bank engineered to work as a regulatory compliant link within U.S. dollar payments systems and digital assets. Moreover, the firm first obtained bank charter status from Wyoming in October 2020. It was the second crypto company to convert into a bank after Kraken Financial, which acquired the bank charter in September 2020.
The CEO and Founder of Avanti Financial, Caitlin Long, asserted that the firm has earned above 2,500 inbound consumer inquiries after declaring its bank charter approval and looks ahead to commencing to serve clients later this year. However, she did not disclose any particulars regarding a launch date but suggested that a fully regulated dollar-pegged stablecoin was in the talks. With the raise’s help, founder Caitlin Long stated that Avanti intends to mint its dollar-pegged token Avit and custody and off-ramp services for crypto. Nevertheless, it also implies Avanti is bound to comply with the anti-money laundering compliance standards, Bank Secrecy Act, and other bank compliance standards.
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