According to The Block, state-chartered digital asset bank Custodia, formerly known as Avanti, has raised $7 million, according to a filing submitted to the Securities and Exchange Commission. The startup, which was founded in 2020 by Wall Street veteran Caitlin Long, raised a $37 million Series A round in March of last year. The startup’s total funding now amounts to $51 million. Custodia is designed to provide real-time settlement finality for U.S.-dollar payments in digital asset transactions. In 2020, the startup secured a bank charter from the state of Wyoming to make these banking services possible. The charter means that the firm must comply with regulations such as the Bank Secrecy Act, anti-money laundering laws as well as other rules and regulations.
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