The first cryptocurrency bank in the United States will appear in Wyoming

Wall Street veteran Caitlin Long announced the creation of the first cryptocurrency bank in the United States in Wyoming.The new financial institution is called Avanti.

Long previously participated in the development of 13 laws inWyoming related to blockchain regulation. Thanks to progressive legislation, this particular state was chosen as the home for the new bank. At the same time, she emphasized that the US market infrastructure is not developed for such organizations, and Avanti Bank will be able to act as an intermediary between institutional clients and the US Federal Reserve.

Caitlin Long also thanked the governorWyoming Mark Gordon for signing legislation that outlines cryptocurrency custody rules for financial institutions. It was thanks to this law that the creation of a cryptocurrency bank became possible.

Avanti regulated bank 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. And their current partners do not provide cryptocurrency investment services, ”Long emphasized.

Avanti Bank will become a partnerBlockstream startup. He will offer Bitcoin storage applications and provide all the necessary infrastructure for storing cryptocurrencies. With Blockstream, Avanti Bank will create program interfaces (APIs) for working with blockchain and traditional banks.

“Avanti will fully complyfederal requirements for user identification, anti-money laundering laws and any regulatory requirements. Fiat deposits will be fully secured, and users will be protected to the maximum level, ”said Caitlin Long.

Wyoming is one of the most active in terms ofregulation of blockchain and cryptocurrency regions not only in the USA, but also in the world. Last year, the state Senate approved a bill to partially recognize cryptocurrencies as money. Additionally, the state exempts cryptocurrency transactions from property taxes.

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