Dakota, a crypto bank founded on Wednesday by a group of former executives from Airbnb, Anchorage and Coinbase Custody, aims to provide financial management, lending and payment services to businesses. CEO Ryan Bozarth said their model was different from earlier centralized cryptocurrency lenders, with the company at the center of the process: receiving deposits, lending deposits and collecting fees from interest payments.
Founded by a group of former executives from Airbnb, Anchorage and Coinbase Custody, Dakota, a cryptocurrency bank, provides financial management, lending and payment services to businesses that pay a monthly fee and can use a platform that allows them to lend out their deposited cryptocurrency to DeFi protocols. The company is at the center of the process: receiving deposits, lending deposits and collecting fees from interest payments.