avanti financial inc.

Founded by former Morgan Stanley Managing Director Caitlin Long, Avanti Financial Group, Inc. was established in 2020 as a new type of financial institution, a "digital asset bank." It received a bank charter from the state of Wyoming as a Special Purpose Depository Institution (SPDI), aiming to provide regulated custody and payment services for digital assets, including its tokenized U.S. dollar, Avit. The company's mission has been to offer a compliant and secure link between cryptocurrencies and the traditional U.S. financial system for institutional clients. However, after a prolonged and unsuccessful application for a master account with the Federal Reserve, in late 2023 and early 2024, the company announced it was winding down its efforts to become a bank and was seeking a sale or merger.