Crypto Banking Startup Dakota Raises $12.5M for Global Stablecoin Push
Main Idea
Crypto banking startup Dakota has raised $12.5 million in a Series A round to expand its borderless banking services globally, leveraging stablecoins and traditional payment networks.
Key Points
1. Dakota raised $12.5 million in a Series A funding round led by CoinFund, with participation from 6th Man Ventures.
2. The startup enables businesses to hold and move funds in U.S. dollars or stablecoins using traditional payment networks like ACH, SWIFT, and SEPA.
3. Dakota's stablecoins are backed 1:1 by short-term U.S. Treasuries to mitigate liquidity and counterparty risks.
4. The funding will support the expansion of Dakota's services to over 100 countries, including the UK, EU, Singapore, and parts of Latin America.
5. The company was founded by alumni of Coinbase, Square, and Airbnb, focusing on providing global access to U.S. dollar banking for businesses.
Description
Dakota, a crypto-integrated banking platform for businesses, has raised $12.5 million in a Series A round to expand its borderless banking services, the firm said on Tuesday. The investment was led by CoinFund, with participation from 6th Man Ventures and Triton Ventures. The announcement comes at a time when stablecoins , or cryptocurrencies tied to an external asset, predominantly to the U.S. dollar, are increasingly becoming part of traditional finance plumbing and a tool for cheaper, faster ...
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