Coinbase Ventures led a $14.6 million investment in Bastion, a startup that creates technology to help businesses use stablecoins. The round, announced Wednesday, also drew support from Sony Innovation Fund, a16z crypto, Samsung Next and Hashed.
According to the press release, the money will help the firm give enterprises and financial institutions the ability to issue and manage stablecoins in a way that is secure, efficient and compliant. This follows a $25 million seed round in 2023 led by a16z crypto, which now brings it to over $40 million in total
Bastion’s co-founder and CEO Nassim Eddequiouaq said the company is responding to “significant demand for regulated stablecoin infrastructure from some of the world’s largest enterprises.” He added, “The evolution of our financial system will continue to accelerate as digital assets and stablecoin adoption proliferates.”
Meanwhile, Coinbase Chief Business Officer Shan Aggarwal said, “Trusted digital asset infrastructure is the bedrock for the creation of scalable digital financial products that enterprises increasingly seek.”
Founded in 2023 by two former a16z crypto executives, Bastion started out helping companies adopt blockchain technology and bring users into Web3. With this new focus, the company is offering a Stablecoin-as-a-Service platform that lets enterprises issue, store and manage stablecoins while covering reserve and liquidity needs. It also includes custodial wallets and seamless on and off ramps. Compliance has been built into the system from the start.
Investors have praised Bastion’s approach. “Nassim and the team are laser-focused on revolutionizing digital financial infrastructure for enterprises globally,” said Austin Noronha, Managing Director of Sony Ventures U.S. He called Bastion’s mix of compliance, security and product innovation “the industry standard.”
Notably. Bastion has also expanded its leadership team, bringing in Jared Klee as Head of Revenue, Vince Tejada as Head of Treasury and Strategic Finance, Beth Gibson as General Counsel and Rohan Kohli as Chief Risk and Compliance Officer.
COO and founding member Caroline Friedman said, “The momentum around stablecoins is undeniable. This strategic financing round will propel Bastion into its next growth phase to power the future of enterprise stablecoin technology at scale.”
The funding comes as demand for enterprise-grade stablecoin solutions grows. Major U.S. financial institutions are preparing to launch their own dollar-pegged tokens, underlining a trend that could reshape the future of money.
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