Stablecoin bank Dakota, founded by former Coinbase executives, completes a $12.50 million Series A funding round led by CoinFund

On July 15, Fortune reported that Dakota, a new bank founded by former Coinbase executives, announced the completion of a $12.50 million Series A funding round led by crypto venture capital firm CoinFund, with participation from 6th Man Ventures, Digital Currency Group (DCG), and Kraken's venture capital arm, Triton Ventures. Dakota co-founder and CEO Ryan Bozarth said that the round was solely equity financing but declined to disclose the specific valuation. As a new type of bank, Dakota uses stablecoins to transfer funds between itself and its customers, provides checking account services, and offers deposit yields to users (mainly businesses). [TechFlow]