CMC News

#Coinbase Leads $14.6M Round in Stablecoin Startup Bastion

#Cryptocurrency exchange Coinbase has spearheaded funding for the enterprise-focused stablecoin infrastructure provider alongside Sony Innovation Fund, a16z crypto, Samsung Next, and Hashed. Bastion has now raised over $40 million total to develop its white-label stablecoin issuance platform.

The startup helps enterprises and financial institutions "hold and utilize stablecoins at scale within their ecosystems in a way that is efficient, safe, and fully compliant." Co-founder and CEO Nassim Eddequiouaq emphasized growing demand from the world's largest enterprises for regulated stablecoin infrastructure.

Bastion was founded by two former #a16z crypto executives who previously raised $25 million in a seed round led by #AndreessenHorowitz in September 2023. The company initially focused on improving blockchain adoption processes and Web3 user onboarding for traditional firms.

The platform allows companies to issue stablecoins without securing their own licenses or building custom infrastructure. Beyond token issuance, Bastion offers custodial wallets, smart transaction routing, and data analytics through a compliant API.

Organizations can integrate Web3 infrastructure into existing technologies through Bastion's white-label platform. The company claims this approach provides the cost-efficiency, compliance, and security businesses expect from Web2 technology stacks while enabling better Web3 products.

Coinbase Chief Business Officer Shan Aggarwal noted that "trusted digital asset infrastructure is the bedrock for the creation of scalable digital financial products that enterprises increasingly seek." The investment reflects growing corporate interest in blockchain-based financial services.

Major financial institutions are planning to launch their own dollar-pegged tokens as #stablecoin adoption accelerates.