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Avanti Financial raises $37 million to launch institutional crypto bank

The digital asset bank will be aimed at institutional investors only, and there is no exchange planned. The Avanti Financial Group has announced that it has raised $37 million in a Series A round, bringing the company closer to launch as a digital asset bank. In a March 25 announcement, Avanti stated that it will use the proceeds to fund the required regulatory capital needed for launch, in addition to funding development and other operating expenses. The round brings the total amount raised to $44 million. Participants in the round are a who’s who of institutional investors including Coinbase Ventures,…

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OCC Chief Says Americans Gravitating Toward Digital Currencies: Urges Banks to Embrace Innovation

Brian Brooks, the acting comptroller of currency at the U.S. Office of Comptroller of Currency (OCC), says America must adopt digital currency payment rails if the country hopes to compete with global payment rails in the future. He insists changing consumer needs must be prioritized over the interests of powerful banks that may be against the rise of cryptocurrencies. Speaking in an interview, the former chief legal officer at Coinbase Global, said it is a fact that “50 million Americans own digital currency and we cannot ignore that.” Brooks says part of “the reason why payments activity has moved outside…

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