Crypto startup Avanti Financial Group has been granted a license to offer banking services by the Wyoming State Banking Board.
The license, or bank charter, means Avanti can now operate as a conventional bank – but one with a twist, capable of holding both crypto and dollars. It plans to launch in 2021.
According to a statement published Oct. 28, the firm will also now be able to take custody of crypto assets like bitcoin while its plan for the creation of Avit, a tokenized US dollar, has been given the go ahead.
The company’s application for a bank charter was accepted in July, reports The Block. Avanti is the second crypto firm to become a bank after Kraken Financial, a unit of U.S. crypto exchange Kraken.
Avanti founder and chief executive officer, Caitlin Long, said “currently the only type of U.S. financial institution that can provide final and simultaneous settlement of trades between digital assets and the U.S. dollar is a Wyoming special purpose depository institution like Avanti.”
Avanti plans to issue Avit initially on both Liquid – a sidechain of the Bitcoin blockchain – and Ethereum. The company claims its tokenized U.S. dollar is “designed to solve the legal, accounting and tax issues of stablecoins.”
As a bank, Avanti will be required to fully comply with the Bank Secrecy Act, anti-money laundering and OFAC-related laws, rules and regulations.
What do you think about Avanti gaining a bank charter? Let us know in the comments section below.
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Cryptocurrency Stocks To Watch As Bitcoin Prices Surge
POLAND – 2020/10/20: In this photo illustration a PayPal logo seen displayed on a smartphone next to … [+] a debit card and two euro coins. (Photo Illustration by Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images)
Interest in cryptocurrency is surging once again with Bitcoin prices up by almost 30% over the last month, driven by growing institutional interest and Paypal’s recent move to allow its customers to buy and sell certain cryptocurrencies. Our indicative theme on Cryptocurrency Stocks – which includes semiconductor, payments, and brokerage companies that have some exposure to the cryptocurrency space – is up 88% year-to-date, compared to the S&P 500 which is up by just about 5% over the same period. This theme could be of interest to investors who are looking for upside from cryptocurrency adoption and prices, but want to avoid buying into the currencies themselves considering the volatility, risk of fraud, or cyber theft, or potential portfolio mandates. Below is a bit more about the stocks in our theme and how they have fared this year.
Square cash mobile wallet app has emerged as a very popular way for people to buy and sell Bitcoin. The stock has gained a whopping 183% year-to-date, as investors bet that Square’s digital payment solutions will continue to gain traction through and post Covid-19. The stock has dropped by about -9% over the last 5 trading days, however.
Nvidia a semiconductor company that is best known for its graphic processing units which are increasingly used in machine learning and AI, is also finding application in bitcoin mining. The stock has gained over 131% year to date although it declined by about -3% over the last week.
PayPal a large online payments processor, has indicated that it would allow customers to buy, hold, and sell cryptocurrencies such as Bitcoin and Ethereum directly within its PayPal and Venmo app. The stock is up by 88% this year and was down by about -1% over the last 5 trading days.
Advanced Micro Devices is a semiconductor major that makes CPUs and GPUs, which are increasingly used in bitcoin mining. The stock has gained about 79% year-to-date and remained largely flat over the last 5 trading days.
CME Group the world’s largest financial derivatives exchange, also offers bitcoin futures contracts. The stock is down by about -18% year-to-date and declined by about -2% over the last week.
What if you’re looking for a more balanced portfolio instead? Here’s a high-quality portfolio to beat the market, with over 100% return since 2016, versus 55% for the S&P 500. Comprised of companies with strong revenue growth, healthy profits, lots of cash, and low risk, it has outperformed the broader market year after year, consistently.
See all Trefis Price Estimates and Download Trefis Data here
What’s behind Trefis? See How It’s Powering New Collaboration and What-Ifs For CFOs and Finance Teams | Product, R&D, and Marketing Teams
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Author: by admin
Apex Crypto News – Atari Has Launched Their IEO Public Sale Today
PRESS RELEASE. NEW YORK/PARIS – October 29, 2020 – Bitcoin.com Exchange, one of the leading authorities in cryptocurrency exchanges announces the launch of the Atari Token (ATRI) public sale today at 12:00 UTC.
The entertainment industry is at a point where to remain competitive, one must start thinking on future developments in payments and community management. Atari’s mission is to conquer the crypto space, and by creating this token, they are attempting to enable access to as many platforms and users in the videogame industry as possible via atarichain.com, the Atari wallet and generally the creation of a blockchain-based ecosystem around the Atari brand.
Atari Token has been in steady development, already establishing multiple use cases and partnerships with industry leaders, while continuously expanding its reach. These developments will only continue to expand, well past the Public Sale, as we work to bring Atari Token to the masses. Information about use cases & partnerships can be found here.
Purchasers who have already registered, and passed KYC/AML procedures via our platform can already buy ATRI tokens via our IEO platform. For purchasers who have not registered, but wish to learn how to register, pass KYC and ultimately buy some ATRI tokens may check out our IEO Guide for the Atari token.
Details of the Atari Token (ATRI) Public Sale
For more information and to buy ATRI tokens, please visit the Bitcoin.com IEO platform.
*Kindly note: Atari Tokens (ATRIs) will be available at the specific price until the Hard Cap is met.
Within the past month, prior to the launch of the Atari Token (ATRI) public sale, Bitcoin.com Exchange and Atari have conducted multiple social competitions, podcasts, vodcasts, AMAs, interviews, guides and marketing activities; effectively boosting the Atari Token name across the crypto sphere and beyond. Both crypto entities’ goal is to promote mass adoption, and subsequently a new age in the finance and entertainment spheres alike.
“The Atari Token team, in collaboration with the bitcoin.com team, have been working tirelessly over these the course of the last month to bring the Atari Token to the public, we’re extremely pleased to finally be able to share all of our hard work with you. This is only the first step in our journey in creating the token of reference for the interactive entertainment industry.” – Fred Chesnais, CEO of Atari Chain.
“Atari’s mark on the videogame industry is just the beginning” said Danish Chaudhry, CEO at Bitcoin.com Exchange. “From announcing this IEO around a month ago till today, the amount of interest gathered was highly significant, paving the way for the future in their respective industry. Atari will now, via the Atari Token, be for sale until the $1,000,000 value has been met, where the token will then be listed on Bitcoin.com Exchange for users to store, access and trade.”
Be Part of the Public Sale
Bitcoin.com Exchange has launched the public sale of the Atari Token (ATRI) via their platform. By accessing the link here, you will have the chance to be one of the first people to join in Atari’s journey in becoming the leader of both the video-game industry, and also conquering the blockchain space as well.
What is a Public Sale/IEO?
In brief, an Initial Exchange Offering, commonly referred to as an IEO, is a fundraising event that is administered by an exchange. In contrast to an Initial Coin Offering (ICO) where the project team themselves conduct the fundraising, an Initial Exchange Offering means that the fundraising will be conducted on a well-known exchange’s fundraising platform, similar to the upcoming Bitcoin.com Exchange Launchpad, where users can purchase tokens with funds directly from their own exchange wallet.
About Bitcoin.com Exchange
The mission of Bitcoin.com Exchange is to empower people from all over the world to trade cryptocurrencies with ease and confidence, from first-time traders to advanced trading professionals. With high liquidity, 24/7 multilingual support and dozens of trading pairs, complemented with a high level of security, we offer an attractive platform for trading any cryptocurrency. Within one year since launch, on average, our exchange has been visited by more than 500K active traders per month, and this number continues to grow as you read this sentence.
Atari, composed of Atari SA and its subsidiaries, is a global interactive entertainment and multiplatform licensing group. The true innovator of the video game, founded in 1972, Atari owns and/or manages a portfolio of more than 200 games and franchises, including globally known brands such as Asteroids®, Centipede®, Missile Command® and Pong®. From this important portfolio of intellectual properties, Atari delivers attractive online games for smartphones, tablets, and other connected devices. Atari also develops and distributes interactive entertainment for Microsoft, Sony and Nintendo game consoles. Atari also leverages its brand and franchises with licensing agreements through other media, derivative products and publishing.
Media Contact Info
Contact Name: Antonio Bileci
Contact Email: email@example.com
Atari Chain, Ltd
The Transform Group
Contact Name: Transform Group
Contact Email: firstname.lastname@example.org
Contact Name: Peter Dao
Contact Email: Peter.Dao@Atari.com
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Apex Crypto News – Microstrategy CEO Personally Owns $240 Million in Bitcoin
Following a $425 million bitcoin purchase by his billion-dollar company, Microstrategy CEO Michael Saylor reveals that he personally owns about $240 million in bitcoin. Meanwhile, his company’s bitcoin gains have outperformed the company’s other earnings.
The CEO of the billion-dollar company Microstrategy, Michael Saylor, has revealed his own bitcoin holdings. His company, Microstrategy, recently bought $425 million in bitcoin as its primary Treasury reserve asset.
Saylor, who has been outspoken about bitcoin ever since his company decided to make the cryptocurrency its primary Treasury reserve asset, tweeted Wednesday:
Some have asked how much BTC I own. I personally hodl 17,732 BTC which I bought at $9,882 each on average. I informed Microstrategy of these holdings before the company decided to buy bitcoin for itself.
Microstrategy purchased a total of approximately 38,250 bitcoins for an average purchase price of about $11,111 per BTC, at an aggregate purchase price of $425 million, its 3Q 2020 earnings announcement details.
At the current BTC price of $13,447.85, the company’s bitcoin holding is worth over $514 million. Saylor’s personal BTC stash is worth $238.46 million. In addition, his company’s share price rose almost 38% from $117.81, when it announced the bitcoin capital allocation strategy during the release of its second-quarter financial results on July 28, to $162.15 at the time of this writing.
Independent analyst Kevin Rooke pointed out in a tweet on Tuesday that “Microstrategy has earned $78 million in the last 3.5 years from their business operations,” while it earned “$100 million in the last 2 months from their bitcoin purchases.” The gains are unrealized, however, and Saylor has indicated that Microstrategy plans to keep its BTC for 100 years.
Saylor has not always been a bitcoin bull. A former bitcoin skeptic, he tweeted on Dec. 18, 2013: “Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.”
However, since his big bitcoin purchase, the CEO has been a strong proponent of bitcoin, calling the cryptocurrency the best store of value, much better than gold or tech stocks. He recently made a strong long-term bull case for bitcoin.
What do you think about Saylor and Microstrategy’s bitcoin holdings? Let us know in the comments section below.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.