There is not much fintech to come out of the state of Wyoming (a quick search on Crunchbase yields 28 results). Today, however, one more startup is added to that mix.

That’s because Avanti Financial, headquartered in Cheyenne, Wyoming, announced plans to launch a bank to serve the digital asset industry. The company recently applied to obtain a bank charter from the Wyoming Division of Banking under the Cowboy State’s special-purpose depository institution (SPDI) law.

If Avanti’s application is approved by the state of Wyoming, the startup will begin operations in early 2021.

Avanti seeks to fill the gap where traditional U.S. financial institutions fall short. In many cases, institutional customers that use digital assets lack a place to engage in payment, custody, securities, and commodities activities.

Founder and CEO Caitlin Long said, “A crucial step in the digital asset industry’s evolution is the formation of a new bank dedicated to bridging digital assets with the U.S. dollar payments system in a compliant manner, and the provision of custodial services that meet the strictest institutional standards.” Long added that Avanti’s launch will “unlock many new products and services around digital assets that only a regulated U.S. bank can provide directly.”

Avanti, which recently landed an undisclosed amount of seed funding, is partnering with Blockstream, a Canada-based group that creates “products and networks that make financial markets more efficient.”

Dr. Adam Back, Blockstream CEO and co-founder, said, “This partnership combines the best in Bitcoin applications with the optimal regulatory vehicle for delivering products and services to institutional customers that require regulated providers. Blockstream’s platforms fit well with Wyoming’s property-rights centric digital asset laws, which will enable Avanti to introduce products into U.S. dollar markets that do not exist today.”