Crypto Banking Startup Dakota Raises $12.5M for Global Stablecoin Push

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.