Stablecoin bank Dakota announces $12.50 million Series A funding round led by CoinFund

Dakota, a stablecoin bank founded by former Coinbase executives, has announced the completion of a $12.50 million Series A funding round led by CoinFund, with participation from 6th Man Ventures, DCG, and Kraken's Triton Ventures. Dakota's business model is similar to that of traditional banks, offering checking accounts primarily to corporate users and providing returns on deposits. The difference is that Dakota uses stablecoins instead of traditional financial systems to transfer funds between itself and its banking partners. [Fortune]