A new crypto-centric bank is taking shape in Wyoming supported by bitcoin startup Blockstream

A new effort is underway in the U.S. state of Wyoming to create a new bank dedicated to the crypto and blockchain industry.

Avanti Bank was announced Monday by Caitlin Long, a Wall Street vet and crypto advocate who, during the past two years, helped shepherd a range of blockchain-centric legislative efforts – thirteen in total – in Wyoming. CoinDesk first reported the announcement.

Long said on Twitter that Avanti is "preparing [for a] long process of charter application & [aims] to open early 2021." She said a seed funding round had recently been closed, which CoinDesk reported was to the tune of $1 million. 

Avanti is partnering with bitcoin startup Blockstream, according to CoinDesk, with the company supplying Avanti with technological infrastructure, particularly for the custody of digital assets.

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The goal of Avanti, according to its official website, is to "serve as a compliant bridge to the US dollar payments system and a custodian of digital assets that can meet the strictest level of institutional custody standards."

As the site further explains:

"Avanti must fully comply with all applicable federal know-your-customer, anti-money laundering and related laws, as well as with Wyoming's SPDI and digital asset laws, among which include requirements that fiat deposits be 100% reserved and that it meet the strictest consumer protections in the digital asset industry."

Long noted in a tweet-storm Monday that "Avanti will be PROTOCOL NEUTRAL" and, as such, may ultimately support digital assets beyond bitcoin.