Stablecoin Bank Founded by Former Coinbase Executives Raises $100 Million in Funding

Stablecoin:- Dakota, a crypto-integrated business banking platform founded by veterans from Coinbase, Square, and Airbnb, has successfully raised $12.5 million in a Series A funding. The round was led by CoinFund, with participation from 6th Man Ventures and Triton Ventures, the investment arm of Kraken.

It is co-founded by Ryan Bozarth, currently serving as the CEO of Dakota. Ryan is a former Coinbase Custody executive who previously led product and security teams responsible for safeguarding over $100 billion in institutional assets. The other member and co-founder include Gabe G’Sell who has a background in security and user experience at Anchorage and Airbnb,

Dakota’s founding team further includes other alumni from Coinbase Custody, Anchorage, Airbnb, and Square although their names haven’t been widely publicized.

A Banking Reinvented for the Digital Age

Dakota aims to revolutionize business banking by merging traditional payment rails—such as ACH, Fedwire, SWIFT, and SEPA—with the speed and transparency of stablecoins.

Though the platform allows deposits and withdrawals in U.S. dollars, it operates on blockchain rails behind the scenes. This will help in enabling near-instant, verifiable transfers while keeping funds fully reserved and backed 1:1 with U.S. Treasuries

Since launching in 2023, the startup has onboarded over 500 business customers, ranging from tech startups to international nonprofits. It is processing billions in annual transaction volume using its compliant, treasury-backed model.

The $12.5 million infusion will empower Dakota to expand its product suite and accelerate geographic reach. The platform recently introduced corporate cards, both physical and virtual, with customizable spend controls. It has also added international payment support via SWIFT and SEPA, complementing its existing ACH and wire capabilities. 

The Positive trio of Banks, Stablecoins And Regulations

Dakota’s funding milestone underscores a pivotal shift in modern banking. The TradeFi giant JPMorgan is also pushing deeper into Stablecoins. The bank’s CWO Jamie Dimon announced in the Tuesday’s quarterly earnings call Stablecoins as “real” and said, “We are going to be involved in both JP Morgan Depositcoub and Stablecoins to understand it.”

Citi, a multinational investment bank and financial services has also announced its plans of issuing its own stablecoin.

Further, the US Senate is also set consider the GENIUS Act today.

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