Digital asset bank Avanti raises $37 million in Series A
Digital asset bank Avanti raised $37 million in a Series A round, according to an announcement from the bank. That brings its total raised since inception to $44 million. A number of individual investors participated in the round, including some of Avanti's executives and directors. Binance.US, Coinbase Ventures, Morgan Creek Digital and Susquehanna Private Equity Investments are among its institutional investors. The raise will provide the capital needed to launch, as required by regulators. The funds will also support the engineering and operating expenses. Avanti first gained bank charter status from the state of Wyoming in October of last year. It is the second crypto company to become a bank after Kraken's Kraken Financial. This allows the crypto firm to provide final and simultaneous trade settlements between crypto and the dollar. However, it also means Avanti is obligated to comply with the Bank Secrecy Act, anti-money laundering compliance standards and other bank compliance standards.