TechFlow news, November 19 — According to The Block, Dakota, a crypto banking platform founded by Ryan Bozarth, former CEO of Coinbase Custody, has officially opened to the public. The platform aims to provide reliable crypto-native banking solutions for cryptocurrency startups and foundations, addressing the banking service challenges facing the crypto industry following the collapse of Silvergate Bank.
Dakota operates using a "crypto-native" internet banking model, automatically converting customers' deposited USD funds into a platform-issued stablecoin backed by U.S. Treasury securities. Users can access ACH, Fedwire, SWIFT, and SEPA transfer services free of charge and earn yield through exposure to U.S. Treasuries. The platform's stablecoin circulates exclusively within the Dakota ecosystem to avoid depegging risks. According to Bozarth, Dakota currently serves over 200 clients.
