Caitlin Long's crypto bank raises $5M led by the University of Wyoming

Avanti Financial Group, crypto advocate Caitlin Long's latest initiative to bank digital asset companies, has closed a $5 million angel round. 

Announced on Tuesday, the funding round was led by the University of Wyoming Foundation with participation from Morgan Creek Digital, Blockchain Capital, Digital Currency Group and others. 

"UW has already benefited significantly from cryptocurrency donations but we have faced real logistical challenges in accepting them. We are confident Avanti can simplify and streamline the process for donors making it easier to raise even more money to support UW's blockchain efforts," the University of Wyoming Foundation's chief investment officer Philip Treick said in a statement. 

The Wyoming-based bank is still in the process of applying for a bank charter, and it submitted the first draft of its application last week, per a CoinDesk report

Long, the crypto bank's founder and CEO, unveiled Avanti earlier this year to offer digital asset businesses compliant custody and payment services. Long, a Wall Street veteran, has shepherded a series of crypto-centric legislative efforts in Wyoming. 

As Avanti's official website stated, the goal 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."