Dakota
Dakota
Data verified on unchanged since the sources
Worth it if you're a business that wants a corporate account combining stablecoins and traditional rails (ACH, Fedwire, SWIFT, SEPA), with corporate cards and spend controls.
Avoid it if you're an end consumer: it's a business-only product, pricing isn't published, and it's an early-stage startup with a still-short track record.
Dakota is a stablecoin-based business banking platform that lets companies hold and move money in USD or stablecoins using familiar rails like ACH, Fedwire, SWIFT and SEPA, converting to/from stablecoins behind the scenes. It has launched virtual corporate cards (program powered by Rain) with team spend controls. The company states it keeps customer deposits fully reserved and backed 1:1 by short-term U.S. Treasuries. Founded by veterans of Coinbase, Square and Airbnb (CEO Ryan Bozarth, former CEO of Coinbase Custody), it raised a $12.5M Series A led by CoinFund (July 2025) and is expanding onboarding to 100+ jurisdictions.
Data & conditions
| Service type | Card issuing / BaaS |
|---|---|
| Pricing model | Custom quote |
| Card types | virtual |
| Fiat rails | ACH, SWIFT, SEPA, Wire |
| Stablecoins | USDC, USDT |
| Customer type | SMEs, Enterprise, Fintech |
| Fund custody | Custodial (platform holds funds) |
| Supported countries | US, EEA, UK, APAC, LATAM |
| Segment | B2B |
| MiCA / License status | Not disclosed |
Strengths
- Business account combining stablecoins and traditional rails (ACH, Fedwire, SWIFT, SEPA)
- Deposits stated to be fully reserved and backed 1:1 by short-term U.S. Treasuries
- Virtual corporate cards with spend controls (powered by Rain)
- Notable founding team (ex Coinbase Custody) and $12.5M Series A led by CoinFund
- No notable sovereignty advantage documented.
Weaknesses
- Product for businesses, not accessible to end consumers
- Holds customer deposits (counterparty risk, though stated as reserved)
- Early-stage startup (Series A in 2025), still short track record
- Pricing not published
- Custodial: the platform holds your funds and can freeze or lose them.
Verdict
Score 3.8/5, solid profile. In its favour: business account combining stablecoins and traditional rails (ACH, Fedwire, SWIFT, SEPA). The trade-off to weigh: product for businesses, not accessible to end consumers.
On the Sovereignty lens the score is 0.0/5 (weak): the strength is fund control (0.0/5).
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
Reputation
What happened to people who used Dakota, and what users say. External signals: they do not feed the promp.it rating.
Incidents & regulatory actions
No known incidentSearch across public sources: no known hack, withdrawal freeze or regulatory action as of the verification date.
verified on
FAQ
Can an individual open a Dakota account?
No. Dakota is a banking platform for businesses that want to hold and move money in stablecoins and fiat.
How are funds backed?
Dakota states it keeps deposits fully reserved and backed 1:1 by short-term U.S. Treasuries. It is not an FDIC-insured bank.
Sources
- Official service page Data verified on Jul 17, 2026
- coindesk.com Fondatori Data verified on Jul 17, 2026
- rain.xyz Data verified on Jul 17, 2026