US-based digital asset banking platform developer Avanti has received $37m in a series A round featuring a raft of corporate investors.
The round included Coinbase Ventures, a subsidiary of cryptocurrency trading platform operator Coinbase, as well as financial services firm Banca del Ceresio, cryptocurrency exchange provider Binance and student loan guarantor and education services provider ECMC Group.
Madison Paige Ventures, a VC arm of financial services provider Madison Paige Capital, also took part, as did Susquehanna Private Equity Investments, on behalf of quantitative trading firm Susquehanna International Group (SIG), and HashKey, the crypto investment affiliate of automotive component maker Wanxiang.
The round was filled out by 1843 Capital, AP Capital, Equity Management Associates, Greybull Stewardship Business Investment Fund, Hard Yaka, Holon Global Investments, Lemniscap, Morgan Creek Digital, PJT Partners, Slow Ventures, University of Wyoming Foundation and various individuals.
Avanti is preparing to launch a platform that will provide banking services for digital assets such as cryptocurrencies, and will use the funding as regulatory capital for the launch as well as for general business costs. It said it has now raised $44m since it was founded in 2020.
University of Wyoming Foundation led a round of undisclosed size for the startup in June 2020 that also featured Madison Paige Ventures, Blockchain Capital, Digital Currency Group, Lemniscap, Malex Enterprises, Susan B Anthony, LLC and angel investor Gary Gigot.
Securities filings show the company pulled in $5m from unnamed backers the previous month, following a $1m round backed by an unspecified single investor in February.