The digital bank will put the extra cash toward meeting Wyoming regulators’ pre-launch capital requirements.
Blockchain pioneer Caitlin Long is now the CEO of her own special purpose depository institution (SPDI) in Wyoming.
If signed by the governor, the legislation would create a state charter for crypto banks.
Avanti says the Avit will not encounter the legal, accounting or tax hurdles of stablecoins, but it’s not yet clear where the asset will fit under U.S. law.
Wyoming's crypto-friendly Avanti Financial expects to open its doors this October with a new bank-issued digital asset, the Avit.