Web3 Startup Bastion Emerges from Stealth Mode with $25M Seed Funding Led by a16z Crypto
Crypto News – Bastion, a Web3 startup, has unveiled itself after a successful seed funding round led by a16z Crypto, allowing enterprises to seamlessly integrate Web3 infrastructure into their existing technologies.
Despite the recent scarcity in venture capital funding, Bastion, a newly established Web3 startup, secured an impressive $25 million in seed funding. This financial backing was spearheaded by a16z Crypto and supported by notable investors such as Nomura Group’s Laser Digital Ventures, Robot Ventures, Aptos Ventures, and Alchemy Ventures.
On September 18, Bastion officially launched its product suite with the mission of assisting companies in integrating Web3 infrastructure seamlessly into their current enterprise technologies. The startup was co-founded by former Chief Technology Officer, Riyaz Faizullabhoy, and former Chief Security Officer, Nassim Eddequiouaq, both of whom were once executives at a16z’s crypto division before departing from the firm in April.
Bastion plans to allocate the raised funds towards scaling up company operations, attracting top engineering talent, and obtaining additional licensing to diversify its product offerings further.
Despite the prevailing ‘crypto winter,’ as termed in the industry, Bastion’s successful funding round reflects the enduring presence and potential of crypto, asserting that it is here to stay.
Crypto venture funding has seen a substantial decline this year, with only $283 million raised in August, marking a 68% decrease from the $877 million raised in February, as reported by DefiLlama.
Bastion’s array of services will encompass custody solutions, digital asset transactions, and wallet provisions, aiming to simplify the onboarding process for businesses and end-users into the Web3 environment.
Bastion Co-founder, Nassim Eddequiouaq, expressed the company’s vision, stating, ‘We established Bastion to facilitate businesses in transitioning their products and end-users into a more user-friendly Web3 environment.’
Arianna Simpson, General Partner of a16z Crypto, voiced her support for Bastion’s vision, stating, ‘We believe in Nass and Riyaz’s vision of making Web3 safe and accessible for companies across all industries and are thrilled to be part of realizing this vision.’
Earlier this month, a16z led a funding round for Story Protocol, a blockchain-based platform for intellectual property ownership, which successfully raised $54 million.
In June, Bastion made headlines with the announcement of their new London office, a strategic move amid the ongoing regulatory pressures faced in the United States.