Unpacking the Avit, Avanti Bank’s New Digital Asset Being Built With Blockstream

[MRM]

When Avanti Financial hinted at a new bank-issued digital asset late last month, it was scant on details.

“Avit has no analog,” Avanti CEO Caitlin Long said at the time. “It is a digital asset. Blockstream is our technology partner. We’re not going to announce anything more than that. One could presume that the Bitcoin blockchain will be involved.”

According to Long, 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. It’s also not a security token, or a digital representation of an investment that’s expected to generate returns.
Source: https://www.coindesk.com/unpacking-the-avit-avanti-banks-new-digital-asset-being-built-with-blockstream