Crypto Bank Avanti raised $ 5 million and applied for a banking license

Crypto bank Avanti already has the support of several popular investors.

The bank raised $ 5 million in an angelic circle and closed with the stipulation that it would issue an additional amount of its choice at a later date, said Avanti CEO Caitlin Long.

The circle was led by the University of Wyoming Foundation with the participation of Anthony Pompliano’s Morgan Creek Digital, Blockchain Capital, Digital Currency Group, Lemniscap, Madison Paige Ventures, Malex Enterprises, Susan B. Anthony, LLC, Gary Gigot and others.”

This announcement means that Avanti is sufficiently funded to go through the process of applying for a bank charter application ,” Long said.

The bank will still have to raise additional capital if granted a license, Long said, and is still working with regulators on what exactly that amount would be, but for now the institution has enough money to go through the application process with the Department. for Wyoming Banking.

Long also announced that the bank presented the first draft of its application to the regulator last week and plans to open in early 2021.

Long revealed that the bank already has three major developers Bitcoin in its engineering staff, but could not specify which of them for security reasons. Brian Bishop, a Bitcoin developer, is Avanti’s chief technology officer.