Avanti Crypto Bank is granted banking charter in Wyoming!
And just like that the flood gates have been opened...
The flood gates have been opened, the bulls are loose, the genie is out of the bottle...
Choose any metaphor you want that means something unstoppable is underway and apply it to bitcoin and crypto right now.
First it was MicroStrategy buying bitcoin to the tune of $425 million as a treasury asset.
Then it was PayPal announcing they would be enabling their users to buy and sell bitcoin/crypto.
And now it's Avanti being granted a banking charter from the state of Wyoming:
The approval doesn't necessarily mean the bank will open for business as it still must raise enough capital to be granted a certificate of authority to operate.
However, based on comments from the company, it sounds like that won't be much of a problem.
Why this matters...
This is very big news for the crypto industry as a whole.
For one, this is but another step in legitimizing the crypto industry as a whole and moving it out of the drug dealer and tax evader realms and into the legitimate asset class realm.
Basically, it gives it more staying power.
Another big win with this announcement is that crypto exchanges are starting to have some banking options.
One of the hardest things for these large crypto exchanges to so is acquire a legitimate banking partner.
Most banks don't want to touch cryptocurrency exchanges, at least they haven't up until now.
Having a crypto focused bank in the US is a big get for crypto exchanges. For this reason I think Avanti won't have any problem finding plenty of customers.
Plus it sounds like they won't have much competition in the US for some time:
“Wyoming's regulators are the only bank regulators that have a supervisory and regulatory oversight program nearly in place. All other states, and the OCC [Office of the Comptroller of the Currency], are not yet ready to supervise banks engaging in digital asset activities.”
It sounds like the bank will be focused on institutional clients as well as corporations, at least initially, as they said they will only be accepting "high minimum balance clients".
Some of the specifics...
For those wanting it straight from the horse's mouth, he's the thread from the founder of Avanti talking about the goals and plans of the bank:
The flood gates have been opened, the bulls have been let loose, the genie is out of the bottle.
The stampede is coming, can you feel it?
Stay informed my friends.