Crypto Startup Bastion Emerges from Stealth with $25M Funding Led By a16z Crypto
In Brief
Crypto startup Bastion has raised $25 million in a seed round led by a16z Crypto.
Bastion founders Riyaz Faizullabhoy and Nassim Eddequiouaq, are former a16z Crypto executives.
The company has hired regulatory and compliance executives from Kraken to guide it through the complex regulatory environment.
Crypto startup Bastion, has emerged from stealth after raising $25 million in a seed round led by a16z Crypto, per a Bloomberg report. Participants in the round include Nomura Group’s Laser Digital Ventures, Robot Ventures and crypto influencer Packy McCormick’s Not Boring Capital, among others.
Bastion’s co-founders, Riyaz Faizullabhoy and Nassim Eddequiouaq, previously served as executives at a16z Crypto. Faizullabhoy held the position of Chief Technology Officer, while Eddequiouaq was the Chief Security Officer at the crypto VC firm.
The company aims to provide a Web3 infrastructure, allowing Web2 enterprises to launch Web3 experiences. It claims to possess the capability to “facilitate cost-effective transactions with the speed of Web2 while unlocking new avenues for growth.”
Additionally, Bastion provides comprehensive analytics that combines on-chain and off-chain activities, enabling Web2 platforms to gain valuable insights into their user base.
The platform offers custodial blockchain wallet API, a smart transaction routing system. The company asserts that its routing system can discern when to utilize the blockchain and when not to, ensuring fast and cost-effective interactions without compromising user experience.
“Organizations of any size and customer base can now seamlessly integrate web3 infrastructure into existing technologies through our compliant, white-label platform that includes custodial wallets, smart transaction routing, and data analytics,” Bastion’s LinkedIn bio states.
Despite the ongoing bear market, Faizullabhoy told Bloomberg that crypto is “here to stay.” Bastion’s co-founders said that they still see demand from companies in the fashion, education, and social media sectors to venture into the Web3 space.
In the face of increased regulatory scrutiny in the crypto industry, Eddequiouaq revealed that the company’s first hire, Caroline Friedman, formerly served as Kraken’s Chief of Staff and Regulatory Strategy Counsel.
She joined Bastion in February from a16z Crypto, where she was Chief of Staff. In her new role, she will help Bastion navigate the complex regulatory crypto landscape.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
