Bastion Raises $14.6 Million for Stablecoin Infrastructure

Stablecoin infrastructure startup Bastion announced on Wednesday that it has successfully raised $14.6 million in a funding round led by Coinbase Ventures.

Participating Investors

The funding round also included investments from notable companies such as Japanese tech giant Sony, the investment arm of South Korean phone manufacturer Samsung, the crypto division of venture capital firm Andreessen Horowitz, and crypto VC firm Hashed.

Bastion is set to develop a platform enabling businesses to issue stablecoins without needing to obtain their own licenses or create custom infrastructure.

This announcement follows Bastion’s earlier closure of a $25 million funding round led by Andreessen Horowitz just this month. The company stated that it had been “building in stealth mode” for several months prior to these fundraising events.

Bastion’s Unique Offerings

Bastion is designed specifically to help third parties with stablecoin issuance, rather than creating stablecoins for its own use. Additionally, the company provides more than just stablecoin issuance. Earlier this month, Bastion revealed that its services allow “organizations of any size to seamlessly integrate Web3 infrastructure into existing technologies via a compliant, white-label platform and API that features custodial wallets, smart transaction routing, and data analytics.”

The firm asserted that this strategy enables the development of better Web3 products “with the cost-efficiency, compliance, and security expected from a Web2 technology stack.” Bastion anticipates that this will contribute to heightened growth in the Web3 sector. Nassim Eddequiouaq, Bastion co-founder and CEO, mentioned that the company “is scaling to meet the substantial demand for regulated stablecoin infrastructure from some of the world’s largest enterprises.”

Growing Corporate Interest in Stablecoins

This funding round highlights the growing interest among large corporations in stablecoin technology. Earlier this week, Bullish Europe became the first platform to offer a stablecoin supported by finance giant Société Générale.

Additionally, Kazakhstan’s central bank has initiated a pilot project involving a new stablecoin pegged to the local fiat currency, in collaboration with Solana and Mastercard. In another notable instance, PayPal expanded its PayPal USD stablecoin across eight new blockchains earlier this month.

At the end of July, the EURAU stablecoin venture, backed by Deutsche Bank’s DWS, Flow Traders, and Mike Novogratz’s Galaxy, made its debut on the Ethereum blockchain.