Stablecoin infrastructure startup Bastion has successfully raised $14.6 million in a newly completed funding round, prominently led by Coinbase Ventures. The announcement made on Wednesday noted participation from several significant investors, including the Japanese technology giant Sony, the investment division of South Korea’s Samsung, Andreessen Horowitz’s crypto venture capital arm, and crypto VC firm Hashed.
Bastion is focused on creating a platform that enables companies to issue stablecoins without the burden of acquiring their own licenses or developing specialized infrastructure. This latest funding comes shortly after the company secured $25 million earlier this month in a funding round also spearheaded by Andreessen Horowitz. Bastion has been operating in stealth mode for several months prior to these funding announcements, suggesting a strategic buildup aimed at establishing their market presence.
Unlike typical stablecoin issuers, Bastion is designed specifically for third parties, emphasizing a white-label approach to stablecoin issuance. The company provides a comprehensive suite of services that enables organizations to seamlessly incorporate Web3 functionalities into their existing technologies. This includes an API that supports custodial wallets, smart transaction routing, and data analytics, allowing businesses of all sizes to enhance their offerings with a compliant technology stack.
Bastion asserts that its approach not only simplifies the integration of Web3 infrastructure but also leads to more robust products that retain the cost-efficiency, compliance, and security associated with traditional Web2 environments. The startup posits that this could catalyze significant growth within the Web3 sector, helping enterprises provide superior customer experiences, which are often hindered by current Web3 infrastructure limitations.
Co-founder and CEO Nassim Eddequiouaq stated that Bastion is scaling up to meet the rising demand for regulated stablecoin infrastructure from major enterprises globally. He expressed confidence that the ongoing evolution of the financial landscape will accelerate, coinciding with the broader adoption of digital assets and stablecoins. Eddequiouaq highlighted Bastion’s readiness to support businesses in creating innovative financial products that could transform the industry.
The recent funding round underscores a growing interest from large corporations in stablecoin technology. For instance, just this week, Bullish Europe became the first platform to launch a stablecoin backed by the finance giant Société Générale. Additionally, Kazakhstan’s central bank initiated a pilot project involving a new stablecoin pegged to the national currency, in collaboration with Solana and Mastercard. In another move towards expanding stablecoin offerings, PayPal has recently broadened the reach of its PayPal USD stablecoin across eight new blockchains.
Despite the buzz surrounding Bastion’s funding and the increased corporate interest in stablecoins, the company had not provided a response to media inquiries by the time of publication.
