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Former director of Credit Suisse and Morgan Stanley creates bank to bridge cryptocurrencies and Fed

Cryptocurrency

Caitlin Long

“A bridge between fiat / crypto payments and the Fed,” described Caitlin Long about ‘Avanti Bank’, a bank she created to serve the U.S. cryptocurrency market.

According to Long, who previously served on Wall Street for Credit Suisse and Morgan Stanley, the new institution is scheduled to start operating even before 2021.

“A new American bank to serve the digital assets industry, offering new products and services not currently available in US dollars,” wrote Long on Twitter.

According to the founder of Avanti Financial Group, the new bank is being created in partnership with Blockstream. The startup is focused on the bitcoin protocol.

Blockstream even created a scalable solution similar to the Lightning Network, Liquid.

However, Long said the Avanti Bank activation would depend on the endorsement of the monetary authorities of the state of Wyoming, where it will be based, in the city of Cheyenne. The documentation, according to her, is already being prepared.

The cryptocurrency bank

According to the description of Avanti Bank on the company's Linkedin, the institution's objective is to serve as a bridge to the Central Bank (Fed), compatible with the US dollar payment system.

Another point, he describes, is that the company would also be custodian of digital assets. This in order to be able to meet a more specific level of the market with institutional custody standards.

"Avanti must fully comply with all federal KYC and anti-laundering laws and related laws, as well as specific Wyoming laws," says the description.

Founder has two decades of Wall Street

Caitlin Long, considers herself a Wall Street veteran for having worked for 22 years at the head of major companies like Credit Suisse and Morgan Stanley.

In cryptoeconomics, Long has been operating since 2012 and is the founder of the startup Symbiont. She also serves as a columnist for Forbes.

As per her presentation on Linkedin, she was also one of the leaders in favor of blockchain companies in Wyoming. Long would have participated in the approval of 13 laws in favor of the new market.


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