Coming Out of Stealth Mode
Despite the recent drought in venture capital for crypto startups, Bastion successfully secured $25 million in seed funding. This was spearheaded by none other than the reputable a16z crypto, the company where Bastion’s founders honed their expertise. This funding round witnessed participation from several other notable investors including Nomura Group’s Laser Digital Ventures and Robot Ventures.
Bastion’s Vision and Mission
Driven by the aim to allow firms to integrate Web3 infrastructure into their existing enterprise technologies, Bastion steps into the market with a promising suite of products. Co-founders Riyaz Faizullabhoy and Nassim Eddequiouaq, equipped with their rich experience at a16z’s crypto division, aim to revolutionize the integration process for businesses venturing into Web3 platforms.
Optimism Amidst Crypto Winter
The crypto market is currently experiencing a downturn, with venture funding having dropped significantly. Nonetheless, the confidence in the crypto space remains steadfast, as evidenced by Bastion’s successful funding round. Faizullabhoy noted, “It was clear that even as crypto came back down into another bear market, this time crypto is very much here to stay.”
What Bastion Offers
Determined to remove the hurdles businesses face in integrating with Web3, Bastion offers custody services, digital asset transactions, and wallets. It plans to utilize the funding to scale operations, expand its team, and diversify its product range. Eddequiouaq shared, “We founded Bastion to enable businesses to onboard their products and end-users into a Web3 environment without the complicated, overwhelming experience we know today.”
Backing from a16z Crypto
The a16z crypto team expresses their strong belief in Bastion’s vision. General partner of a16z crypto, Arianna Simpson, mentioned, “We believe in Nass and Riyaz’s vision of making Web3 safe and accessible for companies in every industry and are extremely excited to support them in making it a reality.” The funding follows a16z’s recent investments in the blockchain space, emphasizing their continuous support for innovative crypto solutions.
In the wake of this promising launch, the industry eyes are on Bastion as it embarks on its mission to simplify Web3 integrations for businesses globally. Leveraging the expertise of its founders and the strong financial backing, Bastion is well-positioned to steer enterprises towards a secure and accessible Web3 future.