Dakota, a cryptoc-integrated banking platform for businesses, has collected $ 12.5 million in a series A round to expand its boundary banking services, the company said Tuesday.
The investment was led by coinfund with the participation of 6th man Ventures and Triton Ventures.
The message comes at a time when stableecoins or cryptocurrencies tied to an external asset, predominantly to the US dollar, is increasingly becoming part of traditional financing plumbing and a tool for cheaper, faster cross -border payments. StableCOin regulation is also moving forward in the United States, where the Senate has already passed the Genius Act and Parliament with the aim of voting on the proposal on Thursday.
“We believe stableecoins can revolutionize business bank,” Alex Felix, Cio from Coinfund, said in a statement. “Dakota unlocks this potential by combining the confidentiality of a bank account with the power of crypto rails.”
Start -up founded by alumni of Coinbase, Square and Airbnb lets companies hold and move funds in US dollars or stablecoins while using traditional payment networks such as ACH, Swift and SEPA. Companies can send or receive payments through regular bank accounts on the platform without touching crypto directly. Behind the scenes, it uses blockchain to run transfers almost immediately and offers an alternative to conventional banking.
The company keeps customer deposits fully reserved and supported 1: 1 of short-term US treasuries for the purpose of eliminating liquidity and counterparty risks.
With funding, the company is now expanding its services to over 100 countries, including Britain, the European Union, Singapore and parts of Latin America.
“Business today is boundless and dollars are a universal language,” said Dakota CEO Ryan Bozarth. “We will give entrepreneurs from Bogotá to Bangalore the same access to the US dollar bank that a start -up in San Francisco would have.”
Read more: House Gears Up for Crypto Market Structure Vote Wednesday, StableCoins Thursday
