Have you ever imagined to have a regular bank, just like the bank where you keep your savings and manage your daily payments, that is natively created as a regulated crypto bank? Well, Wyoming will give us one!
Yes. Wyoming is doing it again. The state remains an example for the global community by demonstrating that Crypto finance is possible at an entirely law-compliant manner. Crypto does not have be informal! Crypto does not have to appear shady! Crypto does not have to operate far from the law! We’ve seen how Wyomians teach us the right way to do it. Definitely, in Crypto, Wyoming is the US state to follow! Now they bring us the first legally backed Crypto bank!
Wyoming is the 10th largest state of the United States if seen by area, with an extension of about 253.348 km². It is also the least populous state with an estimated of less than 580,000 inhabitants. Wyoming is bordered by Montana (North), South Dakota and Nebraska (East) and Colorado (South), also by Utah (Southeast) as well as Idaho and Montana (West). During the last few years, the state of Wyoming has been known for contemplating and approving legislation that establishes the legal basis for cryptocurrency use in businesses and everyday life.
One outstanding Wyomian, Caitlin Long, is considered the visionary who, having invested many years of her life in the study and promotion of the use of Blockchain technologies and cryptocurrency under legal frameworks, has made the miracle of placing her state in a potential position of being one of the leading financial spots of the future of the US and the world. Thanks to her work and the work of hundreds of believers in Wyoming, we might be able to see the birth of the very first legal bank that is native to cryptocurrencies.
Caitlin Long is presented with pride by many companies and institutions who feel honored to be part of her network. One excellent example is her own Alma Mater where she studied from 1987 to 1990, the University of Wyoming, in whose website, one can find a succinct overview of her actually long list of life achievements in her fields: Laws (Harvard Law School), International Trade and Finance (Harvard Kennedy School of Government), Economics (University of Wyoming), etc.
Bachelor of Art – 1990. Laramie native and A&S alumna, Caitlin Long is 22-year Wall Street veteran and an expert in bitcoin and blockchain technology. Active in bitcoin since 2012, Long helped drive Wyoming’s trail-blazing 2018 blockchain legislation as a co-founder of the Wyoming Blockchain Coalition.University of Wyoming
From 2016 to 2018, Long was chairman and president of Symbiont, an enterprise blockchain company. She ran Morgan Stanley’s pension business (2007-2016), held senior roles at Credit Suisse (1997-2007), and began her career at Salomon Brothers (1994-1997).
This week, on February 24th, Long has made it official. She has the plan running already. A new crypto bank will be offering fully law-compliant services to US customers, in cryptocurrency. The announcement was made by a long thread of 29 tweets she broadcasted from her Twitter account.
1/ INTRODUCING AVANTI BANK, a new US #bank to serve #digitalasset industry, offering new products & svcs not currently available in USD mkts along w/ tech partner @Blockstream. #Wyoming-based. We’re preparing long process of charter application & aim to open early 2021. @AvantiBTCaitlin Long: https://twitter.com/CaitlinLong_/status/1231958552790482950?s=20
2/ Co-founder/team news soon. I’ve founded AvantiBT w/ key support from top people in #crypto + important innovators from traditional finance. Seed funding round recently closed. Avanti will serve institutional customers that need services around #Bitcoin & #cryptoassets.
Long has made clear a few fundamental aspects of her new project that will constitute highly noticeable achievements for this very first native crypto bank, as well as challenges: to be become the first bridge between crypto economies and the Fed, to provide regular banking services in crypto currencies to US customers, to offer maximum level of security to holders and specially zero tolerance against malicious actors who want to use crypto services for illegal purposes, and many more features.
3/ A critical piece of US mkt infrastructure is missing—a regulated #bank that can act as bridge to Fed for pymts + custody #crypto for BIG institutional money (pensions/endowmts/foundtns/corps/sov wealth) who need this b4 entering #crypto in a big way. Regulation had blocked it.Caitlin Long: https://twitter.com/CaitlinLong_/status/1231959092458975232?s=20
5/ For various regulatory reasons, existing US banks & trust companies can’t provide optimal services to #crypto. Avanti plans to break that logjam & thereby help keep the US from falling behind other countries whose regulated banks are already serving institutions in this mkt.Caitlin Long: https://twitter.com/CaitlinLong_/status/1231959395577159680?s=20
24/ Avanti WILL COMPLY w/ all US federal know-your-customer, anti-money laundering, counter terrorist financing & related laws. These are the law of the land so @AvantiBT will strictly comply, period. I’ve long written abt why these laws are unconstitutional in their overreach…Caitlin Long: https://twitter.com/CaitlinLong_/status/1231964131646816256?s=20
25/ …but they’re the law, so compliance isn’t optional. DON’T EVEN THINK ABOUT trying to use @AvantiBT for illegal/nefarious purposes!!!!!!!!! Since Avanti will be critical #crypto infrastructure, we will vigorously defend Avanti’s license & reputation.
One cannot help wondering: is AVANTI a peculiar case or an eccentricity for some minority sectors that in the future will interact with each other through crypto assets and value stored on the Blockchain? Or are we seeing right now the birth of the new generation of powerful banks of the future? For passionate researchers and developers of the Crypto world, the answer seems obvious. We thank Wyoming for their contribution to this global dream of a freer and decentralized economy.