Avanti Financial Group – the cryptocurrency-native institution announced by the former Wall Street veteran Caitlin Long – has closed an angel round of funding for $5 million.
Led by the University of Wyoming Foundation, the funds raised from the series will allow Avanti to comply with all required milestones in its application for a bank charter.
Avanti Raises $5M
Per the recent announcement, numerous prominent investors participated in the angel round, both inside and outside of the cryptocurrency field. Those included Anthony “Pomp” Pompliano’s Morgan Creek Digital, Lemniscap, Digital Currency Group, Blockchain Capital, Madison Paige Ventures, Malex Enterprises, and more.
“We are building critical infrastructure for the digital asset industry in Avanti, and the magnitude and mix of our support underscore that multiple camps want to see this infrastructure built.
Our round was significantly oversubscribed just from incoming inquiries alone, and I’m especially proud of the broad support Avanti received from Wyoming-based organizations and individuals.” – said Caitlin Long, founder, and CEO of the project.
Philip Treick, Chief Investment Officer of the University of Wyoming Foundation, outlined that the UN’s Investment Committee has voted to invest in Avanti because “we see significant growth potential for digital assets.”
He also added that the university had benefited previously from cryptocurrency donations, but they had experienced “logistical challenges” in accepting them. However, Treick believes that Avanti could simplify and facilitate the process for all parties involved.
It’s also worth noting that following the funding round, Treick will take a seat on the board of directors at Avanti, the announcement informed.
Avanti To Come In 2021?
The introduction of the specifics regarding Avanti came earlier this year, as CryptoPotato reported. Long explained that a cryptocurrency-native bank could fill the large gap between the traditional banking system and the newly-rising trend of digital currencies.
Being situated in the US, she also argued that it could help the country “from falling behind other countries whose regulated banks are already serving institutions in this market.”
With the latest advancements following the angel round, the application for a bank charter from the Wyoming Division of Banking could be even closer. As such, Long doubled-down on the estimated launch date of Avanti – early 2021.