Dakota, an integrated bank platform for crypto for businesses, has raised $ 12.5 million in a series A series A to extend its borderless banking services, the firm announced on Tuesday.
The investment was led by Coinfund, with the participation of 6th Man Ventures and Triton Ventures.
The announcement comes at a time when stablecoins, or cryptocurrencies linked to an external asset, mainly to the US dollar, are increasingly part of traditional financial plumbing and a tool for cheaper and faster cross-border payments. The regulation of stablescoin also progresses in the United States, the Senate having already adopted the Act on Engineering and the Chamber aimed at voting on the proposal on Thursday.
“We believe that Stablecoins can revolutionize business banking services,” said Alex Felix, Cio de Coinfund, in a press release. “Dakota unlocks this potential by combining the familiarity of a bank account with the power of cryptographic rails.”
The startup, founded by the alumni of Coinbase, Square and Airbnb, allows companies to keep and move funds in US dollars or stablescoins while using traditional payment networks such as ACH, SWIFT and SEPA. Companies can send or receive payments via regular bank accounts on the platform without directly affecting cryptography. Behind the scenes, he uses the blockchain to instantly adjust the transfers, offering an alternative to the conventional bank.
The company retains fully reserved and supported customer deposits 1: 1 by short -term American treasury bills, aimed at eliminating the risks of liquidity and counterparty.
With funding, the company now extends its services to more than 100 countries, including the United Kingdom, the European Union, Singapore and certain parts of Latin America.
“Business today is without borders and dollars are a universal language,” said Dakota CEO Ryan Bozarth. “We want to give Bogotá entrepreneurs in Bangalore the same access to banking services in US dollars as a startup in San Francisco would have.”
Read more: House is preparing for the vote on the structure of the cryptographic market on Wednesday, Stablecoins Thursday
