Wall Street veteran Caitlin Long has announced the creation of the first cryptocurrency bank in Wyoming, USA. The new financial institution is called Avanti.
Long was previously involved in the drafting of 13 laws in the State of Wyoming relating to the regulation of the blockchain. Thanks to progressive legislation, this state was chosen as the home for the new bank. At the same time, she stressed that there is no developed market infrastructure for such organizations in the U.S., 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 that describes cryptocurrency storage rules for financial institutions. It is thanks to this law that it became possible to create a cryptocurrency bank.
Avanti should help pension funds, corporations, and hedge funds invest in cryptocurrencies.
“This is an asset class worth $300 billion, and they can no longer ignore it. Their current partners do not provide cryptocurrency investment services,” Long stressed.
Startup Blockstream will be a partner in creating Avanti Bank. It will offer bitcoin storage applications and provide all the necessary infrastructure for storing cryptocurrencies. With the help of Blockstream, Avanti Bank will create software interfaces (APIs) to work with blockchain and traditional banks.
Wyoming is one of the most active regions in terms of blockchain and cryptocurrency regulation, not only in the USA but also in the world. Last year, the State Senate approved a bill to recognize cryptocurrencies as money partially. Also, state cryptocurrency transactions are exempt from property tax.
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Technical analysis of Ethereum (ETH):
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