The former Wall Street executive Caitlin Long is an expert in bitcoin and blockchain technology and is active in Bitcoin since the year 2012. Long has assisted the Wyoming state to enact thirteen blockchain-enabling laws.
Having the advantage of the legislature of Wyoming, Caitlin Long is now looking forward to establishing the first-ever crypto-native bank in the United States. This bank is named as “Avanti” which is an Italian word meaning “forward”. The bank is expected to be launched next year.
A critical piece of US market infrastructure
Caitlin Long revealed this news of establishing the United States’ first crypto-native bank in a Twitter post and the announcement was made on 24th Feb. According to Caitlin, the bank Avanti is a critical piece of US market infrastructure that was missing before. Caitlin further said that the regulated bank is set to provide its crypto custody for “Big Institutional Money”. Also, the bank could act as a bridge to the Federal Reserve for the payments.
Long was thankful to the governor of Wyoming Mark Gordon who assisted her and played an important role in creating this first crypto-native bank in the United States. Long further stated that the special-purpose depository institution (SPDI) law will be helpful for the Avanti bank.
According to Caitlin, this depository institution law consists of very strict and high regulatory requirements i.e. all the crypto assets should be hundred percent reserved in the case of Avanti. Also, the bank cannot use its reserved assets for its own financial operations. They call this practice “rehypothecation.” Caitlin also warns people stating: DON’T EVEN THINK ABOUT trying to use Avanti for illegal/nefarious purposes!”
Before launching the Avanti Bank, Caitlin Long had been in continuous talk with the CEO of Blockstream Adam Black and considers Blockstream an ideal partner for serving Big Institutional investors.
Caitlin clearly said that the bank would be a Protocol neutral. She expressed:
“STRANGE BEDFELLOWS because it’ll attract the best from the crypto & traditional worlds. I’m comfortable + have deep relationships in both worlds & I am equally comfy in NYC’s concrete canyons as in the wilds of Wyoming.”
By establishing this first-ever crypto-native bank Avanti in the United States, Caitlin has proved that she is playing an important role in the adoption of blockchain technology.