Dakota, a cryptographic banking platform for companies, has raised $ 12.5 million in a series A round to expand its banking services without borders, the firm said Tuesday.
The investment was directed by Coinfund, with the participation of 6th Man Ventures and Triton Ventures.
The announcement comes at a time when stables, or cryptocurrencies linked to an external asset, predominantly to the US dollar, are becoming more and more part of the plumbing of traditional finance and a tool for cheaper and faster cross -border payments. The regulation of Stablecoin is also advancing in the United States, and the Senate has already approved the Genius law and the Chamber with the objective of voting on the proposal on Thursday.
“We believe that Stablecoins can revolutionize commercial banking,” said Alex Felix, Cio de Coinfund, in a statement. “Dakota is unlocking that potential by combining the familiarity of a bank account with the power of cryptographic rails.”
The Startup, founded by former Coinbase, Square and Airbnb students, allows companies to maintain and move funds in US or stable dollars 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 the cryptography directly. Behind the scene, use blockchain to solve transfers almost instantly, offering an alternative to conventional banking.
The firm maintains the deposits of completely reserved and backed customers 1: 1 by the United States Treasury Bonds in the short term, with the aim of eliminating the liquidity and risks of the counterpart.
With financing, the company is now expanding its services to more than 100 countries, including the United Kingdom, the European Union, Singapore and parts of Latin America.
“Today’s businesses have no borders, and dollars are a universal language,” said Dakota CEO Ryan Bozarth. “We want to give entrepreneurs from Bogotá to Bangalore the same access to the US dollar bank that would have a startup in San Francisco.”
Read more: The Gears Up for Crypto Market Structure Vote on Wednesday, Stablcoins Thursday
