Caitlin Long’s Wyoming Crypto Bank Takes a Step Toward Fed Membership
Wyoming-based crypto bank Avanti is one step closer to potentially acquiring a master account with the U.S. Federal Reserve.
Avanti Bank now has a routing number issued by the American Bankers Association (ABA), a key milestone in the process to receive a Fed account. Routing numbers are used to identify banks for checks and other transactional purposes and are issued only to federal or state-chartered financial institutions that are also eligible to have a Fed account, according to the ABA’s website. ...
Any bank that has such an account is eligible to deposit funds at the Fed and tap the global payments system. ...
A routing number in and of itself is not confirmation that a bank has a master account, however, she told CoinDesk. ...
The Fed can still reject an application after a routing number is issued, Hill cautioned. ...
See the full story here: https://www.coindesk.com/policy/2022/02/10/caitlin-longs-crypto-bank-takes-a-step-toward-fed-membership/?fbclid=IwAR27C20tcEYzHZvof2qIEM69fTg3MCBGrNgjvemdMBH5hNDU9jQMKiGyCaI
