Coinbase, Sony, Samsung Lead $14.6M Funding for Bastion Stablecoin Startup
Stablecoin infrastructure startup Bastion has successfully raised $14.6 million in a funding round led by Coinbase Ventures. Other participants include Sony, Samsung, Andreessen Horowitz's crypto division (a16z), and Hashed.
- Bastion provides white-label stablecoin systems for companies to issue digital dollars without needing code or regulatory licenses.
- The product suite includes user wallets and off-ramps for conversion to cash in over 70 countries.
- Nassim Eddequiouaq, formerly with Meta and a16z, leads the startup.
- The latest funding follows a $25 million round in 2023 led by a16z crypto.
- Competitors include Paxos and Agora; specific corporate users of Bastion’s platform remain undisclosed.
- Announcements regarding partnerships are expected in the next nine months.
This investment comes amidst a stablecoin sector expansion, with notable moves like Stripe acquiring Bridge for $1.1 billion and Circle going public. Meanwhile, Tether is reportedly seeking to raise up to $20 billion.