PANews reported on November 19 that according to The Block, former Coinbase Custody CEO Ryan Bozarth's new startup Dakota has been publicly launched, aiming to provide reliable crypto-native banking solutions for cryptocurrency startups and foundations. The platform promises to solve the increasing difficulties faced by crypto organizations in obtaining traditional banking services, a problem that has become increasingly apparent after the collapse of Silvergate Bank. As the crypto industry continues to face regulatory uncertainty, many cryptocurrency companies have been struggling to find banking partners.

According to Bozarth, the company's co-founder and CEO, Dakota is committed to solving existing problems by providing cryptocurrency companies with access to traditional banking services. Dakota is a "crypto-native" online banking platform that allows customers to make US dollar transfers without paying common fees such as ACH, Fedwire, SWIFT or SEPA. In addition, customers can also earn rewards by holding US Treasuries, and their deposits are fully backed by US Treasuries. When a customer opens an account with Dakota, the platform automatically converts the funds into an "in-platform" stablecoin backed by US Treasuries.