Avanti Bank’s new digital asset, Avit, is built using Blockstream’s Liquid Bitcoin sidechain

posted 5 months ago
Details of Avanti Financial’s new bank-issued digital asset are now known. Avanti CEO Caitlin Long said the Avit can be thought of as commercial bank money or programmable electronic cash that can be exchanged for a dollar but is not pegged to the U.S. dollar like a stablecoin. “We’re a second layer down. It’s just bank money that happens to be issued on a blockchain.” Avit is a plan centered on Liquid’s Bitcoin sidechain, she said.

According to Blockstream CEO Adam Back, the asset will be issued on Liquid – a network developed and overseen by Blockstream that is meant to move bitcoins around more quickly than the Bitcoin blockchain itself. Avit would be the first time a bank had issued a digital asset on Liquid, he added.
Tags: bitcoin, blockchain, news