• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Crypto Strategies

Avanti Announces ‘Cash-Equivalent Stablecoin Disruptor’

Forex Tips by Forex Tips
July 24, 2020
in Crypto Strategies
0
Avanti Announces ‘Cash-Equivalent Stablecoin Disruptor’
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter



Avanti Bank & Trust, Wyoming-based pioneering financial institution planning to offer services to the crypto industry, has announced plans for a ‘stablecoin disruptor’ that’s designed to modernize U.S. dollar payments.

In a July 23 announcement, Avanti said that the payment instrument, dubbed ‘Avit,’ is not a security and predicted it “will likely be treated as a cash equivalent” by regulators. Avit will be programmable via Avanti’s API.

The firm believes Avit will see adoption among “institutional traders and corporate treasurers,” and described the monetary commodity as “a real-time payment settlement solution in US dollars that does not suffer from the delayed settlement and chargeback issues of traditional payment solutions, or the legal, accounting, and tax issues of stablecoins.”

Wyoming accepts Avanti’s bank charter application

Avanti also revealed that the Wyoming Division of Banking has accepted its application for a bank charter on July 15, bringing the targeted launch date for its banking business forward to October of this year.

“Our charter application incorporates truly novel ideas that have received detailed scrutiny from multiple regulators,” said Avanti CEO and Wall Street veteran, Caitlin Long.

“It is the culmination of an enormous effort by Avanti’s fantastic team — several thousand hours of planning and work with regulators, and hundreds of pages of supporting policies, procedures and documentation.” 

Game On!

Long also expressed delight with the U.S. Office of the Comptroller of the Currency’s July 22 announcement permitting federally chartered banks to custody crypto assets, tweeting: “GAME ON!”

While emphasizing the benefits of the news to the broader crypto ecosystem, Long said Wyoming had a massive lead over rival states in making it happen, having already spent two years “developing its digital asset custody initiative”.

“The OCC and 49 other states do not yet have in place the comprehensive legal structure necessary for enabling digital asset custody without significant legal risk,” Long said. 

“They also do not have a roadmap for courts to adjudicate disputes involving digital assets and do not provide the certainty in bankruptcy that Wyoming provides for digital asset custodians,” she added.





Source link

Share76Tweet48

Related Posts

Second Stimulus Check Coming, But Will Americans Use it on Crypto?

Second Stimulus Check Coming, But Will Americans Use it on Crypto?

by Forex Tips
July 27, 2020
0

U.S. residents who invested their first stimulus checks in Bitcoin have seen a 45.5% return, from $1,200 in April...

Ethereum Price Rally to $370 Depends on Bitcoin’s Upcoming Weekly Close

Ethereum Price Rally to $370 Depends on Bitcoin’s Upcoming Weekly Close

by Forex Tips
July 26, 2020
0

On Saturday Bitcoin (BTC) and Ether (ETH) price perked up as BTC briefly pushed above $9,700 and Ether set...

CoinDesk’s Twitter Hack Proved the Media Can’t Rely on Web 2.0

CoinDesk’s Twitter Hack Proved the Media Can’t Rely on Web 2.0

by Forex Tips
July 25, 2020
0

A rundown from one of CoinDesk’s editorial Slack channels during an action-packed hour on Wednesday last week reads like...

LINK Rival — Band Protocol — Grows Stronger With ICON Partnership

LINK Rival — Band Protocol — Grows Stronger With ICON Partnership

by Forex Tips
July 23, 2020
0

South Korea’s leading blockchain network ICON has announced a partnership with Chainlink rival BAND, which has gained a lot...

Vitalik Buterin Warns High Fees Threaten Ethereum’s Security

Vitalik Buterin Warns High Fees Threaten Ethereum’s Security

by Forex Tips
July 22, 2020
0

Ethereum (ETH) co-founder Vitalik Buterin has called for reform to the cryptocurrency’s fee system, warning that rising transaction fees...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.